Onboarding
Client onboarding
Onboarding — the process of taking on a client at a bank or service: identification, checks and granting access.
- What it is
- Onboarding — the process of taking on a client
- Where
- At a bank, a payment service, any financial provider
- What it includes
- Identification, checks (KYC/KYB), risk assessment
- Bottom line
- Opening an account and access to services
- How to use it
- Prepare the documents so that intake goes smoothly
In plain words
Onboarding is the process through which a client becomes a client: a bank, payment service or other financial provider takes them on, checks them and opens access to its services. It is the first and in many ways decisive stage of the relationship: it is at onboarding that it is decided whether you will be given an account and on what terms.
Onboarding involves several steps: identifying the person (or company), checks under KYC (for individuals) or KYB (for businesses) procedures, assessing the risk profile, screening against sanctions and other lists, and, in cases of higher risk, enhanced due diligence (EDD) examining the source of funds. Only after all stages have been passed successfully is the client taken on and the account opened.
How onboarding goes largely determines the outcome: a complete, transparent document pack and a clear profile speed up intake, while gaps, unclear sources of funds or contentious points lead to delays, additional requests or refusal. We help clients prepare for onboarding in advance — so that intake goes smoothly and first time.
Where onboarding takes place
What onboarding covers
- Identification
- KYC/KYB checks
- Risk profile assessment
- Sanctions lists
- Source of funds
- With risk — EDD
- Client intake
- Opening an account
- Access to services
- Completeness of documents
- A transparent profile
- A clear source of funds
How onboarding works
- 01Preparing documents
- 02Identification and KYC/KYB
- 03Risk assessment and screening
- 04The provider’s decision
- 05Account and access to services
What you need to know
- Onboarding — the process of taking on a client
- It covers identification, KYC/KYB checks and risk assessment
- It decides whether an account is opened and on what terms
- In cases of higher risk, enhanced due diligence (EDD) is carried out
- A complete, transparent pack speeds up intake
Common mistakes
- Coming to onboarding with an incomplete document pack
- Not preparing a clear explanation of the source of funds
- Concealing contentious points — the check will find them
- Underestimating the strictness of the first stage
- Applying without regard to the particular provider’s requirements
What this means for a BRIDGES client
We prepare clients for onboarding so that intake goes smoothly: we gather a complete document pack, prepare a transparent explanation of the source of funds and take into account the requirements of the particular provider. That way the account is opened first time, rather than after a series of requests or a refusal.
Frequently asked questions
01 /What is onboarding?
The process of taking a client on: the bank or service identifies and checks them and opens access to its services. It is the first and in many ways decisive stage of the relationship.
02 /What does onboarding involve?
Identification, checks under KYC (for individuals) or KYB (for businesses), assessing the risk profile, screening against lists and, in cases of higher risk, enhanced due diligence (EDD).
03 /What does success depend on?
The completeness and transparency of the documents and the clarity of the profile. Gaps, unclear sources of funds or contentious points lead to delays or refusal.
04 /How does onboarding differ from monitoring?
Onboarding is taking the client on at the start of the relationship; ongoing monitoring is observing them afterwards, throughout the relationship. They are different stages.
05 /What should you do in cases of higher risk?
Prepare for enhanced due diligence (EDD): gather detailed evidence of the source of funds and explain contentious points. We help prepare such a file.
06 /How can onboarding be sped up?
Come with a complete, transparent pack, a clear profile and an evidenced source of funds, taking the provider’s requirements into account. We prepare all of this in advance.
See also
Read next
This material has undergone editorial review by BRIDGES.
Opening an account or access to a service?
We will prepare a complete, transparent pack for onboarding — so that intake goes smoothly and first time.