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GIACT® Releases Report on How to Streamline and Protect Digital On-Boarding
[February 12, 2019]

GIACT® Releases Report on How to Streamline and Protect Digital On-Boarding

DALLAS, Feb. 12, 2019 /PRNewswire/ -- GIACT Systems®, the leader in helping companies positively identify and authenticate customers, today announced a new report, Digital On-Boarding: Safer, Smarter, And More Streamlined, exploring how the pursuit of faster, simpler on-boarding impacts security and compliance, and vice versa. The report highlights the importance of KYC, avoiding false declines, and lifecycle management, as well as how to incorporate non-traditional data and better analytics to streamline and enhance the on-boarding experience.

Click here to download the white paper


With increasing regulatory scrutiny and fraud risk, KYC maintenance is becoming a more frequent activity. Regulations that include some aspect of KYC compliance requirements – including anti-money laundering (AML), the USA PATRIOT Act, OFAC and others– help prevent financial crimes and keep organizations out of trouble. KYC compliance measures can also prevent fraud, which can be costly and damaging to a business's reputation. According to Javelin Strategy, the number of identity theft victims in the U.S. rose to 16.7 million in 2017 with fraud losses totaling $16.8 billion.

"Financial services providers understand that good on-boarding is not only essential to the customer experience – it's also a competitive advantage," said David Barnhardt, EVP of Product, GIACT. "Every department within an organization – from risk management, data security, compliance and marketing – has a stae in how their business captures, validates and monitors their customers' identities. If done correctly, businesses can make on-boarding fast and easy for customers while ensuring that identity validation is rigorous and done on an ongoing basis."

"Today's identity-related crimes are dynamic and challenging," said Al Pascual, senior vice president, research director and head of fraud & security, Javelin Strategy & Research. "For financial institutions, a knee-jerk reaction to avoid the financial impact of these crimes can lead to ever increasing layers of controls, complications, costs, and a negative experience for the customer. Taking a thoughtful approach to managing identity risk has become a critical aspect of maintaining profitable growth."

As detailed in the white paper, GIACT's recommendations for securing the on-boarding process, while keeping on-boarding friction at a minimum, include:

  • Securing real-time access to a broader range of identity-related data
  • Applying advanced analytics and machine learning
  • Providing quick and easy access to identity intelligence so that it can be used across relevant departments
  • Implementing a plan for action and digital vigilance

GIACT is the only financial technology provider that offers a complete set of enrollment, payment, identity, compliance and mobile solutions built on a single platform – the EPIC Platform.  Learn more about GIACT's EPIC Platform via the link, here.

About GIACT  
GIACT® has been helping companies verify valued customers since 2004. From financial to insurance, to retail, to solutions for your industry, GIACT offers customer intelligence for complete payment confidence. As the leader in providing real-time data to help companies mitigate payment risk and fraud, our OFAC screening, ID verification, account verification and authentication, and mobile verification solutions enable you to focus on providing unmatched customer experiences. Since our founding, we've processed billions of transactions for our more than 1,000 customers. For more information, visit or call 1-866-918-2409.  Follow us on LinkedIn and Twitter.

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