Fourthline CEO discusses innovation and KYC compliance with DNB

First build knowledge, then automate processes.

Nowadays, people want to have the possibility to open a banking account from their smartphone. At Fourthline, we verify the credibility of the applicant at the start of the digital onboarding process, to ensure that banks comply with the Money Laundering and Terrorist Financing (Prevention) Act. Fourthline offers an industry-leading Know Your Customer (KYC) check.

In a fraction of a second, we perform an automated check on more than a hundred parameters, such as the identity document and the whereabouts of the applicant. These automatic checks represent a significant technological innovation: they replace components that people do not excel in, such as facial recognition.

Fourthline was born out of our savings platform Safened, which allows affluent customers to spread their savings across various banks. Banks asked us if they could use the KYC function that was integrated into this platform. Twenty months ago, we launched the product we are currently offering.

We aspire to become the global market leader for the digital KYC checks of financial institutions. In order to do so, it is crucial that you comply with all relevant laws and regulations. In addition, not only do you need to be fast and safe, you also need to offer global coverage. For this purpose, we developed a gigantic encyclopedia of security features of all sorts of identity documents. We also hired a large number of analysts to generate expert knowledge that is needed to automate the KYC process.

Read the full article (in Dutch) at De Nederlandse Bank