Ahrvo Labs, a leading provider of identity, document, and transaction management systems, recently announced a strategic partnership with MX Technologies, Inc. This collaboration aims to streamline onboarding processes for US clients in the financial services industry while bolstering identity verification and mitigating transaction risk.
Financial institutions leveraging Ahrvo’s Know Your Customer (KYC) and Know Your Business (KYB) solutions can unlock the power of MX’s suite of tools, including:
- Instant Account Verification (IAV): Expedite account verification for both consumers and small businesses.
- Account Owner Identification: Ensure accurate account ownership identification.
- Account Aggregation & Data Enhancement: Access comprehensive transaction histories and enriched consumer data.
This integration empowers Ahrvo Labs’ Portable Identity Gateway users with a deeper understanding of user risk and account balances through permissioned, aggregated, and enhanced data from MX. This enriched data stream informs critical decision-making processes, including push or pull ACH transactions and various other financial transfers.
Benefits for Financial Institutions:
- Simplified KYC/KYB: Streamlined onboarding processes for faster customer acquisition.
- Enhanced Security & Risk Management: Leverage permissioned data to gain deeper insights into user risk and mitigate fraud.
- Improved Credit Underwriting: Utilize transaction history data for more informed credit assessments.
“This partnership with MX signifies our unwavering commitment to empowering our clients with advanced identity verification and transaction risk management solutions,” said Appo Agbamu, Chief Executive Officer at Ahrvo Labs. “By integrating MX’s industry-leading technology, we enable financial institutions to make more informed decisions while streamlining onboarding and client lifecycle management across the board.”
“Ahrvo Labs shares MX’s dedication to driving innovation and excellence within the financial services landscape,” echoed Raymond den Hond, Chief Commercial Officer, Partners at MX. This strategic alliance equips financial institutions to stay ahead of evolving KYC/KYB requirements and significantly enhance their ability to manage and mitigate both identity and transaction risk.
