SME onboarding can be a complex, siloed process plagued with multiple challenges, such as:

Extensive lead time and high operational costs due to manual effort involved in Know Your Customer (KYC) and Know Your Business (KYB) processes
Non-standardization and repetitive data collection and processing
Lack of transparency and inadequate communication during the application process
Longer onboarding processes resulting in loss of cross and upselling opportunities

Virtusa and Thought Machine's SME Customer Onboarding platform enables banks and financial institutions to accelerate the small and medium enterprise (SME) customer onboarding journey.
This solution seamlessly integrates with Thought Machine's Vault Core, enabling a straight-through processing mechanism to help banks make faster decisions while onboarding customers. The platform ensures compliance and due diligence are adhered to throughout the application process. In collaboration with Sedicii, our tool adeptly captures customer data, ensuring secure completion of Know Your Customer and Know Your Business checks, along with live verification of customer identity.

The SME Customer Onboarding platform encompasses a variety of functionalities:

Instant KYC and KYB adherence
Product recommendation
Compliance validation
ESG scoring
E-signature validation
Customer onboarding in Thought Machine's Vault Core
Accelerated process journey from application to account activation
Hassle-free, straight-through application processing using real-time API integration to capture all required information, including company, director, and shareholder details

The open-architecture design of the platform enables swift implementation with any financial institution's existing workflow engine, credit score, and compliance systems. The platform's built-in extended workflow capabilities allow for seamless integration with any CRM or workflow engine, such as PEGA, Salesforce, or Microsoft Dynamics with minimal disruption.

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