Client onboarding via Retail-FCL App
App delivers the following:
- Contract signature both Retail-FCL and Bank provider
- App collects email, photo ID, proof of address, name, address and DoB
- Different by client type
- Sole trader -Incorporated/Limited
- Part of group
- App submits docs to bank for approval
- App submits signed contract to client by email
Client approved
- Client receives bank account via Retail-FCL App
- Client can transfer funds from and to Retail-FCL account
- Client can see account status
Retail-FCL App
Onboarding:
- Collect all data for approval
- Issues contract once approved
- Stores contracts for reference
Client account management:
- Bank account access
- Transfers
- Disputes
- Queries
Device usage:
- UPIN issued to access device
KYC
Aligned to turnover of retailer:
- Collected as part of onboarding and contract negotiation
- Contract includes – Variation in turnover – Variation in circumstances – Other
- Establish customer identity
- Understand the nature of the customer’s activities (primary goal is to satisfy that the source of the customer’s funds is legitimate, include HMRC check)
- Assess money laundering risks associated with that customer for purposes of monitoring the customer’s activities
KYC Levels
There are levels of due diligence:
- Simplified Due Diligence
- Basic Customer Due Diligence
- Enhanced Due Diligence
Device Example
Glory Tellerinfinity
An integrated teller-assisted service solution; a device that can perform many transactions that only a teller could deliver in the past.
- All accounts access
- Cash dispense – by value or by exact denominations
- Banknote, coin deposit
- Cheque deposit optional
- Bill and loan payments transaction review optional
- Statement printing optional
- Appointment setting optional
- Receipt output to email, mobile, or traditional printed receipt optional
Service Features
- Daily takings
- Notes – ability to track counterfeit
- Coin – ability to track counterfeit
- Cheque – can be supported or via image
- Daily Float Notes – ability to track counterfeit
- Coin – ability to track counterfeit Credit Instant, funding gap from RBCG based on KYC CIT collection daily, max 48 hour funding gap
Device Features
Full insurance both device and cash Device safe CEN 1 or 3 with Cencom access Device connected real time Funds checked before deposited BoE approved recycling device.
