Electronic Money Institutions

Onboarding

To open a personal or corporate account, a customer can either go to the nearest office or submit an application online. After that a bank manager launches approval procedures according to the KYC and AML standards.

Initial due diligence can be done by screening public blacklists to avoid customers who are subject to sanctions or were involved in fraudulent activities. At further steps of the verification process you can assign low-, medium, or high-risk categories to a customer depending on your company’s or regulatory authority’s criteria.

The platform allows for storing full structured client profiles that contain forms for politically exposed persons (PEP), extensive financial questionnaires that include data required by FATCA and CRS, company information section for providing details on the structure of shareholders, the beneficial owner, etc.

To speed up the process of client verification, various automated data processing solutions for recognizing document types (and identifying forgeries), text, photographs and other information can be integrated into the platform.

Compliance Monitoring

Regulators require that banks adopt a risk-based approach and put in place all necessary measures for preventing money laundering, fraud, sanctions violations, corruption, illicit trading, terrorism financing and tax evasion. KoenigFinance provides the latest monitoring technologies for real-time risk assessment and detecting suspicious activities carried out by clients.

What’s available:

• Notifications about transpiring pre-programmed events — from exceeding account turnover to changes in personal data in the user profile;
• Suspension of potentially fraudulent transactions until further investigation;
• Dynamic updating of risk categories based on continuous monitoring of client's activity and information retrieved from public databases. Customer's risk category triggers the application of appropriate monitoring rules and additional checks for potentially risky clients.

Versatile search criteria and filters are available for getting details on any transaction in the system in next to no time.

Security

The safety of users’ personal data and protection from unauthorized access to the system are our main priority. As far as data security is concerned, the KoenigFinance platform has the following to offer:

• utilization of two-factor authentication as an integral part of the log in procedure,
• distribution of access among staff members so that managers could work with information appropriate for their competence level,
• setup of individual time intervals for mandatory password change by managers for increased security,
• activation of an additional 2FA-check when a manager tries to log in to the system from an unknown IP address (location).

Vital mechanisms for server log data monitoring are also part of the platform, ensuring PCI DSS compliance and facilitating timely and complex management of your technical environment. Various counters are available to create alarms that will be triggered in case of a critical event (sudden decrease of completed registrations, mass email delivery failure, etc.). Detailed logbooks help to detect, analyze, eliminate, and prevent the problem from reoccurring.

Integrated Customer Support

In order to provide continued support to clients throughout the course of their interaction with the credit institution, we developed the Support Desk interface. All contact with the client is as paperless as it can possibly get — communication goes on through a system of electronic requests (tickets). A request can be created both by the client seeking to find a solution, and a bank representative seeking to clear something up or draw attention to the necessity of complying with the bank's requirements.

Every request regardless of its creation date is assigned a unique tracking ID which allows the inquirer to track its status. Support tickets are sorted by topics for convenience (wire transfers, API, etc.), and verification requests are organized in a queue to ensure timely processing, minimize customer waiting, and avoid delay in responding. The interface makes for smooth interaction between support managers too - through its internal commenting and task allocation system.

Optimize your customer care performance by creating snippets - reply templates for dealing with typical cases. These can be structured and arranged according to your needs and localized for any language.

Thrown in as another plus point is an online chat widget for communicating with the customers in real time. Solving simple or, on the contrary, urgent issues in a prompt manner will certainly benefit the business image of any company.

Marketing Tools

KoenigFinance contains integrated tools for promoting your banking services in the market, galvanizing current and attracting new customers.

• Design a streamlined system of trigger emails with individual client approach for successfully selling your banking products and services.
• Launch a referral program to stimulate and increase both corporate and private client loyalty.
• Boost the effectiveness of any promotional campaign by activating all available user notification options — from push notifications to email newsletters.

Thin Clients

KoenigFinance’s software is deployed on servers to which your managers connect via a browser. This simplified architecture entails a myriad of benefits:

• Higher system security. Accidental malware infestation and other system failures are out of the question.
• Easy management — the system is centralized through and through, and, if something goes wrong, a specialist will just have to join a manager’s session to get everything fixed.
• Minimal investment required to organize a bank worker’s workplace.

Full Range of Banking Services

Process transactions in an instant by minimizing the likelihood of potential mistakes. The platform allows for providing all kinds of banking services and processing of financial operations:

• opening and maintenance of accounts belonging to natural and legal persons;
• setting payroll projects and other types of mass payments into motion;
• wire transfers in international payment systems including SEPA and SWIFT;
• currency exchange based on rates pulled from multiple sources in real time with the inclusion of intrabank commissions;
• dealing and factoring services;
• cash transfers via international money transfer systems, acquiring, issuance of bank payment cards, etc.

The KoenigFinance platform is the right way to easier loaning and managing of deposit accounts:

• There is a wide range of settings for the customization of your loan and deposit products (interest rate, term, amount, etc.).
• To apply for a loan or a savings account, all a client has to do is just upload documents to their personal profile for risk assessment and wait for the bank to make a decision and provide further instructions.
• You can simplify the process of refinancing or applying for a new loan.
• Clients can schedule automatic transfers to their loan or deposit accounts.

User Account

The User Account is your client’s personal online office from which they can conduct their business activities:

• transfer funds between accounts;
• perform financial operations in a couple of clicks (pay a bill, send a transfer, etc.);
• view accounts and balances;
• convert currencies within accounts;
• view transaction history, search for particular transactions and export account statements;
• create templates for frequently recurring transactions;
• apply for plastic cards, deposits, loans, etc.;
• manage profile and security settings;
• track verification status;
• submit tickets to the support service and view ticket history;
• generate reports, analyse expenses, and much more.

SDK for Mobile App

Along with the KoenigFinance platform comes an SDK for creating a native mobile app that will allow your customers to conveniently work with their bank account from anywhere in the world on any device. The SDK provides a set of API functions using which your customers will be able to perform any tasks that you make available through the app:

• check account balance,
• send and accept wire transfers,
• convert currencies,
• communicate with the customer support,
• receive push notifications and much more.

The SDK is a solid toolkit for creating an app that will work equally well on any mobile OS and be able to employ biometric identification mechanisms of the related platform to ensure access protection: fingerprint, face, voice recognition, etc.

Reliable Account Protection

As we developed our software components, much attention was paid to ensuring the safety of clients’ funds.

• In accordance with the Payment Services Directive (PSD2), the platform employs Strong Customer Authentication for processing operations on the account performed online.
• Two-factor authentication is also used to protect accounts from unauthorized access — a PIN code is generated and sent to the user’s phone, email, or messenger app.
• Higher level of account security can be set by activating extra options, such as secret questions during password reset and narrowing of allowed IP addresses pool.
• In case a user experiences problems with logging in, they can recover access to the account without having to contact support managers. A PIN for access recovery can be sent to phone, email, or messenger - suitable options can be selected in the account security settings.
• Whenever there’s an attempt to log in to an account from an unusual IP address (location), an additional PIN-based client identification mechanism kicks in.