News
DocFox Partners with ModusBox to Create a Fully Automated Business Onboarding Experience for Community Banks and Credit Unions
SEATTLE, WA. Sep. 2, 2021. ModusBox is pleased to announce its partnership with DocFox – the SaaS-based automated business onboarding tool for financial institutions. The two companies provide a powerful solution that enables banks and credit unions to unlock access to banking core data and rapidly onboard any new business.
DocFox provides a white-labeled, paperless experience that handles document collection and validation through automated analysis, performs enhanced review and screening of high-risk customers, and a single point of view for real-time tracking of BSA (Bank Security Act) compliance.
ModusBox’s PortX integration platform unlocks access to banking core data through an API layered approach, allowing FIs to easily connect DocFox and other FinTech solutions to core applications and real-time payment channels.
“It’s clear that DocFox supports modern architecture for financial institutions,” said David Wexler, CEO of ModusBox. “It’s a great example of the type of new FinTech vendor that we want to join forces with to enable our bank and credit union customers to compete in their industry. This partnership creates a better cost factor for FIs to manage high-risk and business account opening, and create reusable assets to drive new use cases and additional efficiencies.”
“Financial services is evolving daily with new opportunities around every corner,” said Ryan Canin, CEO of DocFox. “Building the right nimble technology architecture that allows financial institutions to keep pace will be critical. DocFox is thrilled to be able to support our clients in partnership with ModusBox to leapfrog what they thought was previously possible and fully automate the onboarding of business and complex entities.”
About DocFox
DocFox is used by over 200 financial institutions to automate their account opening processes. It provides intelligent, highly customized workflows for any type of client. DocFox allows for an omni-channel account onboarding process with the flexibility for any client type, whether a corporation, offshore trust, crypto business, money services business, or an LLC. DocFox has innovative modules for the latest experience in automated business onboarding, including intelligent custom digital forms, automated document analysis, ID&V, risk rating, and sanctions screening with adverse media. For more information about DocFox and its comprehensive banking technology, visit www.docfox.io.
About ModusBox
ModusBox is a financial services technology company focused on open banking solutions that unlock access to banking core data and eliminate vendor dependencies. We help financial institutions empower their teams to connect to real-time payment networks like Zelle®, Mojaloop, ACH, Fedwire, and others. In addition, our solutions enable interoperability between online banking, credit checks, mortgage and loan applications, and other internal systems allowing for a timely and accurate view of customer data. For more information, please visit www.modusbox.com.
Ongoing Operations and ModusBox Partner to Revolutionize Credit Union Digital Transformation
We’re pleased to announce our partnership with Ongoing Operations (OGO) to extend the PortX Integration Platform to its customers. OGO is a credit union-owned technology services provider committed to delivering thought leadership, resources, and solutions that help credit union executives and IT leaders align technology with business strategy, maximize their IT investment, and improve operational performance. Learn more in the full announcement.
ModusBox Partners With FTSI to Offer an API-Led Integration Solution
ModusBox has partnered with Financial Technology Solutions International (FTSI) to help financial institutions unlock access to their banking core data and accelerate digital transformation. We are excited to partner with FTSI and leverage their deep financial services industry expertise to deliver the next generation of digital transformation initiatives for banks and credit unions. Read the full announcement here.
ModusBox and MS3 Officially Add DataSonnet to Apache Camel
We are ecstatic to share the news that Apache Camel has included DataSonnet in its latest release 3.7. DataSonnet is the project ModusBox started to create an open source data transformation scripting language. With the help of Mountain State Software Solutions (MS3), it is now officially part of the Apache Camel family. Learn more in the press release or visit the Datasonnet blog for more information.
ModusBox Partners with Sound Credit Union for Zelle® Integration
We are delighted to share the announcement of our newest partnership with Sound Credit Union to integrate the Zelle Network®. Sound Credit Union has been a long-time partner of ours, and this represents the latest in its commitment to delivering innovative solutions to its members. With Payment Manager, it will be able to rapidly offer Zelle® to its members during a time in which digital payments are more critical than ever before. You can read the full press release here.
IFGS 2019 Panel – Architects of the Age of Interoperability
ModusBox’s Vice President and General Manager of ModusBox EMEA joined the esteemed panel for this discussion at Innovate Finance’s Global Summit kicking off London’s FinTech week.
FinTech continues to fuel the unbundling and rebundling of financial services – and it will likely do so for some time. However, different customer segments will gravitate toward solutions with different levels of data sharing and autonomy. How much will the future of finance depend on the ability for products, services and systems to coordinate and work together?
World Council Of Credit Unions Helps Develop Technology In Asia And Africa
Megan O’Donnell, vice president of financial inclusion, spoke at the Innovate Finance Global Summit (IFGS) in London in April. The panel discussion also featured Warren Carew of ModusBox —which helps organizations make the most of the Mojaloop platform, and Juliet Kiluwa from Financial Sector Deepening Trust, a partner in the recent effort to update the national scheme for cross-platform instant payments in Tanzania. The discussion was moderated by Kosta Peric, deputy director of the financial services for the poor program at the Gates Foundation.
BoT launches single payment system
Bank of Tanzania (BoT) has launched an Instant Payment System (TIPS) that connects all services providers and banks under one platform.
WOCCU pursues digital financial inclusion for 50 million-plus people across Asia
MADISON, Wis.—Worldwide Foundation for Credit Unions, the social impact affiliate of the World Council of Credit Unions (WOCCU) dedicated to financial inclusion, has launched a project to design interoperable, open-loop, low-cost, real-time payment platforms for its global network of credit unions across Asia, exploring the use of the Mojaloop open-source platform.
ModusBox Joins the Open Invention Network
ModusBox today announced that it has signed on to the Open Invention Network (OIN). Why? We believe in what the OIN is doing, and we wanted to continue to show our commitment to open source and open standards.