Backbase enters into strategic partnership with FrankieOne to provide financial institutions in Australia and New Zealand with safer and simpler digital onboarding

MELBOURNE, AUSTRALIA – Media OutReach – 25 September 2023 – Backbase, the worldwide chief in Engagement Banking, right this moment introduced its strategic partnership with FrankieOne, an Australian home-grown and trade main id verification and fraud prevention platform supplier with a robust monitor report within the banking trade.

The alliance will allow Australian and New Zealand (ANZ) banks and credit score unions to onboard clients and members seamlessly, combining Backbase’s personalised banking expertise platform with FrankieOne’s strong id verification options, making it simpler than ever for finish clients to securely entry digital monetary providers.

Safe and protected digital banking has by no means been extra high of thoughts for Australian customers, with the epidemic rise of fraudulent exercise costing Australian customers billions of {dollars}.

In keeping with the 2023 Australian Cost Fraud Report, in 2022, fraud on fee card transactions elevated by 16.5% on the earlier yr to $577 million, in keeping with the rise in whole spending on playing cards, which was up by 16% to $1 trillion over the identical interval. The speed of fraud on Australian card funds was 57.5 cents per $1,000 spent, up barely from 57.3 cents in 2021.

Partnering with FrankieOne permits Backbase’s Engagement Banking Platform to entry a breadth of Know-Your-Buyer (KYC), Anti-Cash Laundering (AML), biometric verification, transaction monitoring, fraud detection and compliance capabilities from a curated choice of native and worldwide suppliers. This partnership will present native monetary establishments enhanced belief throughout buyer led, seamless onboarding journeys. The online consequence for the native banking trade is increased buyer loyalty, mixed with a simplification of compliance necessities.

Backbase lately launched its Engagement Banking Cloud (EBC) providing which gives clients with a single platform that extends throughout all traces of enterprise and helps the total buyer lifecycle with seamless buyer journeys. The partnership and functionality providing constructed with strategic companions resembling FrankieOne is a vital enabler to Backbase executing on this providing globally .

Elliott Haralambous, Director of Partnerships & Alliances at Backbase stated, “As pioneers within the digital banking area, we’re thrilled to companion with FrankieOne to convey a brand new stage of innovation to the ANZ banking sector. This collaboration allows us to supply seamless digital experiences whereas sustaining the best requirements of safety and compliance.”

“This partnership reinforces Backbase’s world dedication to enhancing our providing and assembly the wants of monetary establishments throughout the area. These partnerships enable us to speed up the mixing of best-in-class capabilities into the Backbase Engagement Banking Platform,” defined Mayank Somaiya, Director, International Head of Fintech-As-a-Service, Backbase.

Ashleigh McManus, International Head of Partnerships at FrankieOne, stated “FrankieOne and Backbase are united by a typical purpose – to rework shopper banking experiences in Australia and New Zealand. Our collaboration combines the power of id verification and engagement banking, providing monetary establishments a robust toolkit for achievement. This partnership underscores our unwavering dedication to the evolving wants of banks and credit score unions in Australia and New Zealand and empowers monetary establishments to ship safe, environment friendly, and customer-centric banking experiences.”

Hashtag: #Backbase #digitalbanking #engagementbanking #retailbanking #omnichannelbanking

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Backbase

Backbase is on a mission to re-architect banking across the buyer.

Backbase created the Backbase Engagement Banking Platform – a unified platform with the shopper on the heart, empowering banks to speed up their digital transformation. From buyer onboarding, to servicing, loyalty, and mortgage origination, our single platform — open and frictionless, with ready-to-go apps — improves each facet of the shopper expertise. Constructed from the bottom up with the shopper on the coronary heart, our Engagement Banking Platform simply plugs into current core banking techniques and comes pre-integrated with the most recent fintechs so monetary establishments can innovate at scale.

Business analysts Gartner, Omdia, and IDC constantly acknowledge Backbase’s class management place. Over 120 monetary establishments around the globe have embraced the Backbase Engagement Banking Platform. In APAC, the purchasers we serve embrace ABBANK, BDO Unibank, Financial institution of the Philippine Islands, EastWest Financial institution, HDFC, IDFC First, JudoBank, Techcombank, TPBank, and UBank.

Backbase is a privately funded fintech firm, based in 2003 in Amsterdam (International HQ), with regional workplaces in Singapore (APAC HQ), Atlanta (Americas HQ), and operations in Australia, India, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Latin America, and the UK.

About FrankieOne

FrankieOne is a single connection to the worldwide ecosystem of KYC/AML and fraud safety suppliers. With a dynamic orchestration of over 350 information sources and distributors throughout 195 nations, banks and fintechs can simply swap on the best-of-breed options to onboard extra of the suitable clients. As a modular platform, FrankieOne is ready to tailor particular journeys for various clients, simplify compliance, and dynamically handle danger.