Challenge
Our client has a platform that assists financial institutions and companies in Panama in the task of analyzing and verifying their clients' data, based on the “Know Your Client” policy that is part of Law 23, enacted on April 27, 2015, in that country, against money laundering. To carry out this task, this organization turned to Rootstack, requiring the creation of a website and a mobile application, which would facilitate user registration and allow the creation of a data center that could be accessed by clients affiliated with the Minfo service.
Our solutions
Roostack developed for Minfo a website and a mobile application, both easy to use and with a clean and simple design, which allows the user to enter their essential data to be verified and validated by specialized agents. For this validation, it is necessary that he provide information about his basic personal data, nationality, residence, work, and occupation, as well as other references that may be required.
After the person's profile is validated and confirmed on the platform, their information is available within the website's data center, which can be accessed by any company or institution subscribed to Minfo that requires it. For example, if a person wants to open a bank account in Panama, this banking institution can verify the data of the potential client in Minfo to make sure that he has a good profile and does not have a history of financial crimes.
The form changes according to the type of transaction that the user will perform. If the registration in Minfo is due to the opening of a bank account, the data required by the website will be different than if, for example, the person wants to take out insurance for their vehicle. In any case, the process is very simple and fast, making it easier for both users and companies.
Any profile created in Minfo can be updated over time by the user himself to always have the most accurate data. Companies will be able to see a history with the evolution of the profiles, verifying the changes reported by users.
Main benefits of this solution
- Time-saving
This service represents an increase in productivity in the companies that are subscribed to Minfo, since they do not have to carry out the verification of the clients required by law through the policy "Know your client": Minfo does this task for them. It provides the platform for users to register their data, verify and validate themselves, to inform the company if the person's profile is positive or if they present a legal or financial problem. Instead of having to do this verification, the company spends this time on more productive tasks within its business.
- Better user experience
Thanks to this platform, the user has a better experience when doing a banking procedure or any transaction for the purchase and sale of a product or service. Instead of giving data over and over again, filling out several forms at the same time, any bank or service provider can verify the customer's data in Minfo, making sure that the person has not incurred any fraudulent transaction in the past.
- Safe and reliable platform
All users who register their data in Minfo can have the guarantee that their information is confidential and is protected under high-security standards. The data can only be seen by the institutions or companies with which the person will do some type of transaction or business.
At Rootstack, we offer various technological solutions that can streamline all processes and tasks in a company, allowing evolution and growth according to the needs of its customers. It's time to automate your business workflow and we have the tools to make it happen.
