Ora Partners is pleased to announce that it can now onboard its clients through a digital platform which allows Ora Partners to streamline its anti-money laundering processes and procedures.
Ora Partners’ end-to-end encrypted client due diligence platform automates the identity verification of clients, giving complete visibility and maximising efficiency. This improves the client experience which translates into a higher conversion rate of customers into clients who would otherwise have opted out due to the onerous due diligence process commonly adopted in a paper driven industry.
Ora Partners is required under Cook Islands law to take a risk based approach to the collection of Due Diligence documentation on its clients, where there is a requirement to understand the business structure of each client, the type of business being conducted and most importantly the source of wealth or funds.
By partnering with Synaps based out of France, we have focused on the user experience. One UK study found that 40% of consumers abandoned online applications before they were completed due to the time required to complete, or the lack of a personalized experience.
Our digital onboarding platform provides for both individuals and business entities (KYB). We can now onboard 98% of our customers in under five minutes and can complete KYB in under 24 hours.
How does the platform work?