Our new API capability is a powerful, yet user-friendly answer to anti-fraud challenges inherent to online-only financial services.
The feature allows Flinks API to retrieve the account holder’s civic address, along with their full name, email address, and phone number. This API improvement will positively impact our clients, as well as end-users.
For finance app users, this means the possibility of a simpler, faster onboarding process. Indeed, many online financial services (e.g. lenders, brokers, and insurers) still have to ask their users to submit scanned documents showing proof of address. Flinks now makes this unpleasant search for documents – and the means to scan them – a thing of the past.
For those less familiar with the concept, the term ‘Know Your Customer’ (or ‘KYC’ for industry insiders) refers to the way companies validate the identity of their customers. Financial service providers have KYC measures in place to comply with government regulations, and as a means to reduce losses due to fraud.
For our clients, the new data points offered by our API means an improved ability to detect fraud. Also, we are now able to automate compliance with certainprescriptionsof Canada’s FINTRACT, the government entity responsible to prevent financial crimes. This is particularly relevant for companies that qualify asmoney services businesses (MSBs).