2 Introduction

Customer Onboarding covers the different processes involved in the Onboarding of a Customer. The bank must ensure that they meet the global and local compliance regulatory requirements and ensure that the Customer Onboarding experience is smooth. As part of the internal know Your Customer (KYC) policy, banks collect additional compliance-related information during Onboarding.

According to the regulations, the bank must collect all the required information from the Customer, perform identity verification and Customer Screening, and evaluate the Customer’s risk profile before deciding whether the Customer can be Onboarded. The process is not just limited to the prospect who is opening an account or getting Onboarded but is also applicable to all related parties like Joint Owners, Guardians, Directors, Signatories, and Beneficial Owners.

The Oracle Financial Service Know Your Customer (OFS KYC) application is a RESTful Application programming Interface (API) service. The application has the following features:

• All compliance requirements must be met because of the integration with the Onboarding systems.
• Provides the Questionnaire capability, which is integrated with the Onboarding system. The Questionnaire output can be used during the Onboarding process.
• Integrates with multiple external sources for identity verification and screening of the Customers provided they are also RESTful services.
• Performs verification and screening for all the parties provided by the Onboarding system.
• It comes pre-integrated with the OFS Customer Screening (CS) product for screening the prospect and all the related parties.
• Configures the service must be called depending on the type of applicant and the country where the verification must be performed.