London-based Banking-as-a-Service (BaaS) provider Griffin has introduced Verify, a new customer onboarding product designed to help fintechs manage crime risks and automate KYC (Know Your Customer) and KYB (Know Your Business) processes.
This API-based solution automates biometric verification, sanctions and media screenings, and fraud checks, integrating compliance with an enhanced user experience on a single platform. In an official announcement regarding the launch, Griffin highlighted the necessity for regulated fintechs to streamline customer onboarding and stay current with regulations. The company aims to establish itself as the primary banking and BaaS provider for UK fintechs and anticipates the approval of its banking licence application in the coming months.
Adam Moulson, acting CEO of Griffin, remarked, “Our mission is to create a technology-driven bank that combines intuitive software with the security and reliability of an authorized bank. Smart onboarding is essential for any financial services offering, and Verify provides a comprehensive solution to help firms manage financial crime risks, automate manual tasks, and deliver a seamless end-to-end user experience.”
Key features of Verify include pre-integration with regulatory data sources, personalized workflow checks, audit trails, API integration for documentation, and support from the Griffin compliance team.
Ger Kelly, head of banking at Griffin, stated, “Our objective has always been to leverage technology to solve problems for consumers, making their lives and businesses easier. We are excited to collaborate with Griffin to replace manual processes with innovative technology that adds value for customers. We’re experiencing rapid growth, and Verify is ready to assist us in safely and efficiently onboarding new customers at scale.”
Earlier this year, Griffin secured $15.5 million in a funding round led by Notion Capital and appointed Maria Campbell, former head of people at GoCardless and Monzo Bank, as COO.