Cellbunq, a leading platform provider for B2B and B2C onboarding, is announcing its latest feature to its compliance platform; a merchant onboarding system that can be completed in less than a minute by users from around the globe. This innovative addition ensures that companies do not miss out on potential conversions from clients eager to sign up.
The concept is simple: the smoother and more streamlined the onboarding process, the greater the number of clients who will successfully complete it. This core principle inspired Cellbunq to craft a fully automated merchant onboarding process.
In the past, onboarding businesses was a tedious task, often resulting in a significant number of drop-offs. While verifying individual customers (KYC) has largely been automated, verifying businesses (KYB) has remained stuck in a manual process for the past decade.
Cellbunq Business Onboarding with AI
Cellbunq, at the forefront of automated and seamless business onboarding, takes it a step further with this fully automated, rapid process that can verify anyone in a minute or less.
“We see automated merchant onboarding as the future. While it may not qualify for a complete CDD/EDD process for all merchants due to regulatory requirements, it serves as an efficient preliminary check to determine if onboarding is the right choice.”Kiya Boyd, Senior Sales Representative
Here’s how it works: Instead of bombarding the merchant with a slew of static, labor-intensive questions, the company has transitioned to a more personalized confirmation approach. Once a client selects their company, the power of AI comes into play, extracting almost any company details. The client’s role becomes confirming that these details remain accurate, especially when some sources may not provide real-time updates.
The information about the business is presented in a conversational format, such as, “We’ve found two listed directors. Can you confirm if there have been any changes?” Clients simply need to confirm or correct the information. During this confirmation process, we leverage conversational AI to gain a comprehensive understanding of the merchant.
Once the merchant completes the onboarding process, we generate a comprehensive onboarding profile of the company, allowing clients to make an informed decision about whether they want to proceed with onboarding.
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