Overview

Universal Onboarding Form: Technical Documentation

Overview

In today's rapidly evolving fintech landscape, Vertical Software as a Service (VSaaS) companies face a myriad of challenges when it comes to onboarding clients. Traditional methods often involve cumbersome processes, loss of personally identifiable information (PII), and limited flexibility in terms of integration options. These challenges not only hinder the efficiency of onboarding but also pose potential risks in terms of data security and compliance. Enter the Universal Onboarding Form—a revolutionary solution designed to address these challenges head-on and streamline the onboarding process for VSaaS companies.

The Current State: Challenges Faced by VSaaS Companies

1. Loss of PII Data: When VSaaS companies utilize financial institutions' onboarding forms directly, there's a significant risk of losing PII data. This not only poses a security threat but also limits the company's ability to leverage this data for further business operations.

2. Limited Integration Options: Traditional onboarding forms offer limited customization and integration options, making it challenging for VSaaS companies to tailor the onboarding experience to their specific needs.

3. Manual Compliance Checks: Ensuring compliance with regulations such as Know Your Customer (KYC) and Know Your Business (KYB) often requires manual checks, which are time-consuming and prone to errors.

Benefits of Using the Universal Onboarding Form

1. Retention of PII Data

With this solution, VSaaS companies can retain all the PII data that's typically lost when using traditional onboarding forms. This not only enhances data security but also provides companies with valuable insights that can be used for further business operations.

2. Multi-Institution Submission

This form allows companies to submit data to multiple institutions with a single click. This eliminates the need for repetitive data entry and streamlines the onboarding process.

3. Smart Multi-Step Automation

Our system is equipped with intelligent automation logic. For instance, it can first onboard a client to the processor. Once that step is completed, the system can automatically onboard the client to a gateway provider of choice, ensuring a seamless transition between different stages of the onboarding process.

4. Integration with Gateway Services

When used in conjunction with Gateway services, companies can leverage auto-calculated fields, such as an entity's processing volume. This reduces manual calculations and potential errors.

5. Automated Compliance Checks

we partner with top-tier providers to conduct automated compliance checks, including KYC/KYB, credit history, domain verification, and more. This ensures that all onboarding processes adhere to regulatory standards while also speeding up the verification process.

Technical Integration Options

1. White Label Standalone Portal/Link

Companies can integrate the onboarding form as a white-label standalone portal or link. This provides a branded onboarding experience without the complexities of building a form from scratch.

2. Customizable Embedded Widget

For those looking for a more integrated experience, this platform offers a fully customizable embedded widget. This allows companies to embed the onboarding form directly into their platform, offering users a seamless onboarding journey.

3. Raw API Integration

For businesses with specific technical requirements, this platform provides the option to integrate directly using raw API. This offers maximum flexibility and allows companies to tailor the onboarding process to their exact needs.

Advanced Features

Smart Routing

The onboarding form is equipped with smart routing capabilities. This ensures that data is directed to the appropriate financial institution based on predefined criteria, optimizing the onboarding process.

Automatic Checks

With automated checks in place, companies can ensure that all data is accurate and compliant. This reduces the risk of errors and ensures a smooth onboarding experience for clients.

Conclusion

The Universal Onboarding Form is a game-changer for VSaaS companies. With its advanced features, customizable integration options, and focus on data retention and security, it offers a comprehensive solution to the challenges of traditional onboarding processes. By leveraging this innovative technology, VSaaS companies can streamline their onboarding processes, enhance data security, and provide their clients with a seamless onboarding experience.