- Engagement banking innovator Backbase has teamed up with identity verification and fraud prevention company FrankieOne.
- The strategic partnership will combine the Backbase Engagement Banking Platform with FrankieOne’s identity verification solutions.
- A four-time Finovate Best of Show winner, Backbase most recently demoed its technology at FinovateFall 2021.
Engagement banking firm Backbase has forged a strategic partnership with identity verification and fraud prevention platform FrankieOne. The two companies will work together to help banks and credit unions in Australia and New Zealand onboard customers faster and more securely. The collaboration blends Backbase’s personalized banking experience platform with FrankieOne’s identity verification solutions to make it easier for customers to seamlessly and safely access digital financial services.
Courtesy of the partnership, users of Backbase’s Engagement Banking platform will be able to access a variety of KYC, AML, biometric verification, transaction monitoring, fraud detection, and compliance capabilities from a curated roster of providers. Additionally, the recent launch of Backbase’s Engagement Banking Cloud (EBC) will give its strategic partners – like FrankieOne – a single platform that supports the full customer lifecycle.
“This partnership reinforces Backbase’s global commitment to enhancing our offering and meeting the needs of financial institutions across the region,” Backbase Director of Global Head of Fintech-As-a-Service Mayank Somaiya said. “These partnerships allow us to accelerate the integration of best-in-class capabilities into the Backbase Engagement Banking Platform.”
Backbase’s announcement comes just a few days after the company reported that it was working with Judo Bank. The Australian challenger bank, launched in 2016, selected Backbase’s Engagement Banking Platform earlier this month. In August, the Amsterdam-based fintech announced partnerships with business and IT consulting company Valleysoft and fellow Finovate alum SavvyMoney. Founded in 2003, the four-time Finovate Best of Show winner most recently demoed its technology at FinovateFall 2021. At the conference, Backbase introduced its customer onboarding solution. This technology consolidates customer finances through direct deposit, billpay auto linking, and debit card account opening.
Onboarding and fraud platform FrankieOne was founded in 2017 by Simon Costello (CEO) and Aaron Chipper (CTO). The company leverages more than 350 data sources to enable businesses to quickly and securely onboard more customers. Headquartered in Australia, FrankieOne notes that its customers see a 11% uplift in match rates after transitioning to FrankieOne.
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- Source: https://finovate.com/backbase-and-frankieone-announce-strategic-partnership-to-enhance-digital-onboarding/
