Financial services software house, BEP Systems, has launched a fully online savings origination module as part of the continuing development of its Apprivo2 platform.
The new module will allow banks, building societies and new entrants into the savings market to originate and open variable and fixed accounts, ISAs, notice accounts and bonds. It can also be used to improve and expand their product offering and to quickly launch new accounts to market.
The digital process includes full data capture, electronic Know Your Customer (eKYC) and signing of applications forms via e-signatures allowing accounts to be opened instantly online without any paper.
BEP’s Application Program Interface (API) in Apprivo2 has been extended to accommodate these savings data sets. All data will pass seamlessly to the bank or building society’s internal engines for ongoing account administration through bespoke workflow processes.
Many small and niche savings providers are now entering the market and offering competitive rates. This coupled with traditional High Street banks cutting their branch networks down, a fully online solution will be very attractive to customers and banks alike.
Chris Little, managing director of BEP Systems, said: “I’m excited to announce the launch of a 100% digital savings system to help banks and building societies offer a fully online savings solution for customers who find it preferential to conduct their finances online, or can’t access local branch service due to their location.
“We are currently talking to several savings providers about introducing the system and they are interested in how the new module can fit seamlessly with back office legacy systems and allow them to expand their product portfolio and get new savings accounts quickly to market.
“Our customisable Apprivo2 platform has been developed for this savings solution, making it one of the most adaptable and fastest growing systems of its kind in the UK financial software field.”