Northpointe Bank of Grand Rapids, Michigan has chosen Veratad Technologies’ IDMatch+PLUS Knowledge Based Authentication (KBA) solution to verify identity online in real-time.
The new ID verification solution will help Northpointe streamline on-boarding process and improve customer experience and compliance efforts with Federal Anti-Money Laundering and KYC Regulations.
At the same time, Veratad will offer Northpointe a comprehensive KYC check. This includes verification that personal data of an online customer is not associated with an individual found on the U.S. Department of Treasury’s OFAC Specially Designated National (SDN) list.
Northpointe vice president of deposit banking Bill Clancy said, "Consumer banking behavior continues to trend away from traditional brick-and-mortar locations. Having a strong online and mobile presence is crucial. It’s where the majority of our consumers interact with us. That means continually seeking out better systems from the top technology partners.
"After a thorough comparison of verification vendors, we selected Veratad as the best choice. In addition, our partnership with Veratad is an important part of our overall compliance efforts."