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Backbase launches safe and simple digital onboarding service across ANZ

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Backbase has partnered strategically with FrankieOne to provide financial institutions in Australia and New Zealand with safer and simpler digital onboarding.

Melbourne, Australia, 25 September, Backbase, an Engagement Banking service provider, announced its strategic partnership with FrankieOne, an Australian home-grown identity verification and fraud prevention platform provider with a strong track record in the banking industry.

The alliance will enable Australian and New Zealand (ANZ) banks and credit unions to onboard customers and members seamlessly, combining Backbase’s personalised banking experience platform with FrankieOne’s robust identity verification solutions, making it easier than ever for end customers to securely access digital financial services.

Secure and safe digital banking has been prime concern of Australian consumers, with the epidemic rise of fraudulent activity costing Australian consumers billions of dollars.

According to the 2023 Australian Payment Fraud Report, in 2022, fraud on payment card transactions increased by 16.5% on the previous year to $577 million, in line with the increase in total spending on cards, which was up by 16% to $1 trillion over the same period. The rate of fraud on Australian card payments was 57.5 cents per $1,000 spent, up slightly from 57.3 cents in 2021.

Partnering with FrankieOne allows Backbase’s Engagement Banking Platform to access a breadth of Know-Your-Customer (KYC), Anti-Money Laundering (AML), biometric verification, transaction monitoring, fraud detection and compliance capabilities from a curated selection of local and international providers. This partnership will provide local financial institutions with enhanced trust during customer-led, seamless onboarding journeys. The net result for the local banking industry is higher customer loyalty, combined with a simplification of compliance requirements.

Backbase recently launched its Engagement Banking Cloud (EBC) offering, which provides customers with a single platform that extends across all lines of business and supports the full customer lifecycle with seamless customer journeys. The partnership and capability offering built with strategic partners such as FrankieOne is a critical enabler to Backbase executing this offering globally.

Elliott Haralambous, Director of Partnerships and alliances at Backbase said, “As pioneers in the digital banking space, we are thrilled to partner with FrankieOne to bring a new level of innovation to the ANZ banking sector. This collaboration enables us to offer seamless digital experiences while maintaining the highest standards of security and compliance.”

“These partnerships allow us to accelerate the integration of best-in-class capabilities into the Backbase Engagement Banking Platform,” explained Mayank Somaiya, Director, Global Head of Fintech-As-a-Service, Backbase.

Ashleigh McManus, Global Head of Partnerships at FrankieOne, said “FrankieOne and Backbase are united by a common goal – to transform consumer banking experiences in Australia and New Zealand. Our collaboration combines the strength of identity verification and engagement banking, offering financial institutions a powerful toolkit for success. This partnership underscores our unwavering commitment to the evolving needs of banks and credit unions in Australia and New Zealand and empowers financial institutions to deliver secure, efficient, and customer-centric banking experiences.”

Industry analysts Gartner, Omdia, and IDC recognise Backbase’s position as over 120 financial institutions around the world have embraced the Backbase Engagement Banking Platform. Backbase is a privately funded fintech company, founded in 2003 in Amsterdam (Global HQ). While FrankieOne is a fraud protection provider with vendors across 195 countries.

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