Veratad Technologies, a global provider of identity verification solutions, is now fully integrated with Kernel Edge Technologies Ltd, better known as Bank Kernel. Together they aim to help fintech clients quickly and securely get to market.
With the Bank Kernel Fintech Development Kit (FDK), businesses can create customer experiences which include robust identification verification solutions alongside full current and checking accounts, digital wallets, debit and or credit cards and foreign exchange (FX) solutions.
Bank Kernel offers an extensible suite of microservices, management applications and white label-ready user experiences to help fintech founders launch and manage a retail banking account product. The FDK consists of secure web applications and native mobile banking experiences for consumers, administrative tools for account management and a core banking engine which integrates with industry-leading fintech API providers.
Pivotally, the software suite includes Veratad’s range of identity verification solutions for customer onboarding and KYC/AML compliance management, all seamlessly delivered through a single integration.
“Veratad is thrilled to work with Bank Kernel on this revolutionary bank-in-a-box concept,” says John E. Ahrens, CEO, Veratad Technologies. “Bank Kernel gives fintechs everything they need to create and market a full-scale product, from mobile and web apps to extensive banking capabilities and risk management tools. Digital identity verification is a must-have as the financial industry seeks to modernize onboarding and provide a smooth customer experience, and we are eager for our solutions to continue playing a part in that innovation.”
Both Veratad and Bank Kernel integrate services to and from several partner companies via the FDK, such as directly connecting to Railsbank’s global open finance platform to provide the end user bank accounts, digital wallets, Mastercard and/or Visa integrations, FX and more. The kit is designed and built to scale, with a technology suite that can be licensed and used as is or customized to fit the varying needs of fintech companies.
“Our mission at Bank Kernel is to provide fintech founders who may not have a technology team, nor a lot of money to spend, with solutions and guidance enabling them to build, launch and scale,” says Nigel Reading, Head of Business Development, Bank Kernel. “We know that regulated markets like Financial Services require robust AML and KYC solutions, and that verifying the identity of customers around the globe takes real innovation and flexibility. We are immensely proud to have Veratad’s world-class AML and KYC tools built into the suite.”
Neofin Ventures is one example of a fintech company that achieved fast development and market entry recently by utilizing the Bank Kernel FDK (including Veratad’s identity solutions), for their app-based e-current account product called Unizest. The client continues to use the suite to deliver an end-to-end e-current account experience, which is designed to ease the process of opening a bank account for international students and migrant workers coming to live, work and study in the United Kingdom. The Unizest proposition meant that a reliable digital application process that enables onboarding customers new to the UK was crucial.
“Authentication and KYC compliance management are essential to the modern onboarding process for banks and financial institutions,” says Matt Oldham, CEO, Unizest. “Veratad’s advanced solutions have a flexibility to them that makes it easy to integrate via Bank Kernel without any red tape. Unizest is glad to have access to their identity verification tools as we seek to simplify account onboarding for newcomers to the UK.”