OneBanx taps regtech PassFort for know your business solution

OneBanx, a UK challenger built to address the shortfall of retail banking branches with pop-up kiosks, has tapped software-as-a-service (SaaS) regtech PassFort for its know your business (KYB) solution.

OneBanx selects PassFort for KYB tech

PassFort’s KYB tech automates anti-financial crime and anti-money laundering compliance processes, and the firm says it will enable “seamless” ID verification and onboarding for business customers.

OneBanx plans to offer SME-specific features including the ability for business managers to deposit funds into a business account in a compliant manner without the need for a bank card.

The firm operates fully staffed pop-up kiosks located in shopping centres, railway stations and supermarkets and provides smart ATMs suitable for convenience stores and tube stations as many retail banks continue to pull out of the high street.

HSBC, NatWest and RBS, TSB and Santander have all said over the last year dozens of UK branches will be shuttered as footfall drops thanks to the twin forces of Covid-19 and increased digitisation.

The PassFort KYB solution will complement OneBanx’s automated multi-bank deposit system, which the company intends to expand.

OneBanx CEO Duncan Cockburn says automated onboarding and KYB will free up time for the firm’s technical team and will ensure the company remains “fully compliant with all the relevant regulations”.

PassFort was acquired by Moody’s Corporation in December 2021.