Fraud prevention specialist FrankieOne has been selected by digital banking fintech Cape to improve know your customer (KYC) and anti-money laundering (AML) confirmations- subsequently allowing SME customers across the country to open a Cape banking account for their small business in just minutes.
FrankieOne, cofounded by 2021 Melbourne Young Entrepreneur Awards finalist Simon Costello, is a unified onboarding and fraud prevention platform designed to assist banks and fintechs in the management of KYC and AML checks to prevent fraud. With clients including major global banks, neobanks, platform banks, and fintech companies, FrankieOne is a trusted provider on the rise. Cofounders Simon Costello and Aaron Chipper explain, “We discovered first-hand how clunky and disjointed customer onboarding processes were within banks and other fintechs. The threat of severe penalties for getting this wrong meant that the primary focus when designing customer onboarding had been on compliance, which often came at the detriment of customer experience.” In rectifying this trend, FrankieOne was born as a service unified by one API, one decision engine, and one customer dashboard. Further information can be found on the FrankieOne website: https://www.frankieone.com/.
Emerging fintech Cape is “focused on helping businesses reach the next stage of their growth and operating plans.” The company is currently in their Beta program stage and is working to reinvent expense management software for allied businesses and accountants. CEO Ryan Edwards-Pritchard says Cape “prides itself on allowing business owners to open an account in minutes and is continually working to improve the onboarding experience.”. Cape’s website, https://www.hellocape.com/, provides further insight into their mission and Beta program.
This strategic partnership is expected to benefit the discerning SME customer by increasing efficiency and streamlining the process of KYC and AML checks. FrankieOne and Cape are “delighted” to be working together to improve the experience of their customers, and subsequently reduce the risks associated with financial fraud.
