Why is a comprehensive technology stack vital for Fintechs?

With the increase in deep fakes as AI goes mainstream, it’s a matter of time that the financial regulators around the world begin to tighten up the Governance, and Monitoring Guidelines further enforcing the E-money institutions (in particular) and all regulated fintech (in general) to pay closer attention to Onboarding and Screening. This translates to a sophisticated, streamlined Policies, Procedures, and Controls for CRA (Customer Risk Analysis), CDD, EDD, and ODD.

A distributed Governance and Monitoring controls where reliance on Onboarding and Screening delegated to the Agents may not be a solution that a Principal like an EMI institution should opt for in the future.

Taking control of Governance and Monitoring, prescribing policies and controls to all the customers associated with Agents and/or Sub-agents, that are operating under the principal’s license will become the responsibility of the E-money institution.

Though an EMI may offer a choice of providers to choose from for screening and onboarding to their Agents, EMIs may not be inclined to let the Agents do their own screening as in the past. Soon the EMIs would want to take control and ownership of the onboarding, and screening of customers (corporates) including the individuals (Shareholders, Directors, and Retail Customers) that belong to the corporates.

A software solution that offers multiple pre-built connectors for Screening and Onboarding would soon become a highly preferred option. This solves 2 problems:

The programme managers/Agents, and Merchants/sub-agents will have a choice of providers to choose from (should they decide to do so).

The EMI staff will have a unified interface to access the details of the screening and onboarding, and will be in total control and have better visibility into the status of the entities and customers thereby, able to act quickly, even proactively to address problems before they appear.

Tasalli offers a BaaS suite of products that has pre-built connectors to providers, while having the ability to connect to more providers should you (an EMI) prefer. Our development team is capable of adding any provider of your choice. Core banking software with pre-built connectors to Banking providers, Cards, and Screening, and Transaction monitoring providers with the capability to extend and add additional providers according to your preference is an important consideration when looking for a fintech technology partner. This will retain Governance, and Compliance control with the principal and empower your staff to be efficient, reduce TCO, and improve ROI as they need to interact with a single unified platform irrespective of the providers the various agents and sub-agents are connected to.