LABform

LABform is an online application and digital workflow management platform developed by LAB Group. According to the vendor, it is designed to streamline customer onboarding and verification processes, offering end-to-end account opening solutions and automating AML, KYC, KYB verification, and PEP/Sanctions screening for all types of entities. LABform is said to be suitable for companies of all sizes, from small businesses to large enterprises, and is utilized by professionals and industries in financial services, banking, stockbroking, wealth asset management, and funds management.

Key Features

Dynamic Onboarding Framework: According to the vendor, LAB's Dynamic Onboarding Framework digitizes complex application processes, supporting all entity types recognized under AML/CTF legislation. It includes user-friendly, multi-lingual forms that aim to streamline customer acquisition and provide an innovative digital signature process. The framework is designed to support complex applications across borders, jurisdictions, and multiple products.

LAB Application Manager: According to the vendor, LAB's Application Manager assists with managing customer applications and administering the onboarding process. It allows users to follow up leads with automated email reminders, manage workflows, and monitor the progress of applications. The Application Manager is claimed to reduce time spent on chasing identification documents and accelerate the customer onboarding process.

LAB Platform: The LAB Platform is an end-to-end account opening and digital workflow management platform, as stated by the vendor. It aims to orchestrate digital workflow solutions to improve the customer journey and accelerate complex customer onboarding. The platform is said to enable the secure verification of core customer information and provide compliance automation for AML, KYC, KYB, FATCA, CRS, DDO, and GDPR.

LAB Verify: According to the vendor, LAB Verify is an easy-to-integrate API solution for all verification needs. It aims to accelerate customer verification directly into the digital onboarding journey and reduce onboarding time, costs, and regulatory risks. LAB Verify is claimed to validate AML, KYC, KYB, PEP, and Sanctions screening for all entity types through an API solution.

LAB Network: The LAB Network, according to the vendor, provides unprecedented connectivity across products, onboarding channels, and jurisdictions. It aims to enable the seamless transfer of data within and between organizations, improving customer registration, reducing onboarding time, and increasing security. The LAB Network is said to connect financial service ecosystems and support multi-product and multi-jurisdictional workflows.