Today's News |
Fairstone to Use Vancouver-Based owl.co's 'Know Your Customer' Engine to Automate Customer Verification and Authentication
Wednesday, August 21, 2019
Vancouver, BC, August 21, 2019--(T-Net)--Fairstone, one of Canada's leading non-bank provider of responsible consumer lending solutions, says it is using Vancouver-based owl.co's Know Your Customer (KYC) solution.
This allows Fairstone to automate the customer verification and authentication process in their digital loan closing operations, as well as in its high-volume branch locations across Canada.
"With stable growth in our lending operations, owl.co's identification verification solutions allow us to solve an area of friction for customers by streamlining and automating the identification verification process in a highly secure and efficient manner," said François Côté, Chief Digital and Technology Officer for Fairstone. "We believe this will achieve gains in operational efficiency as well as further complement our existing fraud prevention measures."
owl.co was chosen by Fairstone after a competitive selection process. "We're thrilled to work with Fairstone," said Sean Merat, CEO of owl.co. "With the lowest false positive rates on the market, owl's KYC solution will speed up the customer onboarding process with instant verifications for Fairstone."
owl.co will work closely with the digital and technology teams housed in Fairstone's recently launched FairstoneLab, an internal space designed to foster innovation and collaboration.
Fairstone says it is Canada's largest non-bank provider of responsible lending solutions for near-prime borrowers. Fairstone has two key business lines: lending directly to consumers through its branch network and online; and financing consumer retail and car purchases through retailers and dealerships.
owl.co offers three enterprise solutions: automated customer onboarding, instant KYC & AML, and a fraud detection tool. All of this is done on a proprietary end-to-end encrypted, zero-knowledge platform that passes all the regulation checkmarks. Owl's platform is server-independent and fully white-labelled.
Owl recently raised its first round of funding, securing $2.6 million CAD from notable investors and is currently working with global leading financial institutions.
About owl.co
owl.co offers automated solutions for critical processes for financial institutions with three products: 1) customer onboarding, 2) automated KYC & AML, and 3) fraud detection tool. These solutions allow highly-regulated institutions to use disruptive technologies without sacrificing security or integrity of sensitive data.
By connecting to tens of thousands of trusted data sources, owl.co is able to instantly aggregates and synthesize millions of data points to learn more about your customers. All this is on a proprietary end-to-end encrypted, zero-knowledge platform that passes all the regulation checkmarks. owl.co's platform is server-independent and fully white-labelled.