Edinburgh-founded fintechs partner to simplify onboarding in UK financial services sector
“There are few processes as important as onboarding a new customer in financial services, balancing a truly frictionless experience with the highest standards of compliance and oversight” – Niall Monteith, FNZ
A new partnership between two of Scotland's fastest-growing fintech firms promises to streamline regulated onboarding in the UK financial services sector.
The technology tie-up between Legado and Amiqus comes as the industry faces increasing pressure to implement digital infrastructure to meet compliance requirements.
The partnership brings together Amiqus’ reusable digital identity and anti-money laundering (AML) capabilities with Legado's regulated communications and electronic signature platform. It is designed to support a range of regulated workflows - investor, customer and adviser onboarding; account opening; trust and beneficiary documentation; pension and investment instructions; consent forms; and any regulated document where firms need a clear, auditable record.
Both financial technology - fintech- companies were founded in Edinburgh and share a client base that includes Virgin Money, FNZ, Quilter, Scottish Building Society, Moneyhub and Co-op Legal Services, with a growing presence in international markets.
Josif Grace, founder and chief executive of Legado, said: “Amiqus has been a peer with us amongst scale-ups based from Edinburgh and connected via FinTech Scotland for more than a decade, and they’re ahead of the curve in areas like AML.”
Callum Murray, founder and chief executive of Amiqus, said: “Josif and his team had the foresight to recognise the regulatory shift in how financial institutions meet consumer duty obligations with client communications, now seen as regulated infrastructure by boards and exec teams, central to governance and operational resilience.
“Our reusable identity wallet is perfectly aligned with their embedded digital signature product and with FNZ as a shared client and platform, there’s a huge amount of value we can jointly deliver to their client base.”
Niall Monteith, head of UK proposition at FNZ, added: “There are few processes as important as onboarding a new customer in financial services, balancing a truly frictionless experience with the highest standards of compliance and oversight.
“Having worked with both Amiqus and Legado through the FNZ venture partnership, I’ve seen firsthand the impact of their solutions. Together, they bring a compelling combination of capabilities across identity verification, AML, regulated communications and electronic signing.”
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