NewTech Friday: Muinmos – Automatizing the whole onboarding chain
Remonda Kirketerp-Møller, Founder & CEO of Danish regtech firm Muinmos, presents the firm and its platform that delivers unmatched onboarding times and a smooth customer experience, allowing companies to onboard more clients at a fraction of the costs.
Remonda Kirketerp-Møller, Founder & CEO of Danish regtech firm Muinmos, presents the firm and its platform that delivers unmatched onboarding times and a smooth customer experience, allowing companies to onboard more clients at a fraction of the costs.
What led to the creation of Muinmos?
There was no product in the market to solve what we call the Consumer-Compliance-Conflict, and the Organizational Logistical Cost.
The first is the need to create a streamlined, user-friendly onboarding process for clients, that will also be fully compliant. Our platform does this by automating the entire onboarding process, and incorporating smart, configurable decision-making mechanisms in its conclusion.
The second is the logistical nightmare involved with operating a wide-scale, ongoing KYC process. Different providers, multiple integrations, numerous repetitive tasks, involvement of a multitude of stakeholders (IT, risk, compliance, legal, onboarding, management…). The platform gives you a single provider, single view, ongoing KYC solution, effectively solving that issue.
Could you present Muinmos‘ offer?
The Muinmos Platform is a cloud-based SaaS product, comprised of three modules, mCHECK™ (AML/CFT engine), mRX™ (CRA tool) and mPASS™ (regulatory engine), which are available together or separately, and form a complete and automated KYC/KYB (including ‘perpetual KYC/KYB’) solution.
The platform’s three main architectural principles are centralization, configurability and automation.
Centralization refers to a single-view, perpetual KYC/KYB solution, that has built-in connectivity to numerous data sources, as well as a CRA (Client Risk Assessment) engine. The idea is to save time moving between environments (and prevent errors), allow for one single source of truth, and standradize the input from the different sources into one decision-making scale.
Configurability means that users can configure the checks, scores, thresholds, etc., to suit their needs and policies. The goal is to allow the bank to quickly ‘mirror’ its existing modus operandi into the platform, as well as to have the ability to adapt to changing regulation or ‘fine-tune’ it.
The platform’s automation serves a triple purpose. First, it saves the compliance officers repetitive tasks, thereby freeing them for judgement calls, in-depth analysis and other meaningful, quality decisions. Second, it allows for consistency, which is crucial for compliance. And third, it allows for a quick client journey, making the client’s first real contact with the bank pleasant and positive.
What's coming next for Muinmos?
Muinmos was founded in 2012, and really began to gain traction during the pandemic, when the demand for remote onboarding solutions significantly increased. In the past year, our platform has been successfully adopted by banks and other financial institutions, and it seems the demand for our solution is constantly rising. We’ve seen the market adopt terminology and ideas we’ve designed our solution around – ‘perpetual KYC’, ‘single client view’, ‘AI driven’. In other words, the ‘buzz words’ are words we’ve been using for many years, and we’re suddenly ‘buzzing’.
We’re therefore busy doing two things – onboarding new clients, from the banking sector, asset management, CASPs, investment firms and more; and continuous improvement of the platform.
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