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Member account opening and KYC verification

Automates the complete member account opening process from application submission through KYC verification and account activation, reducing manual processing time and ensuring regulatory compliance.

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Workflow Trigger

Prospective member submits new account application through digital channels or branch system

Visual Flow

Each node represents an automated step. Connections show how data and decisions move through the workflow.

Step-by-Step Breakdown

Detailed explanation of each automated stage in the workflow.

  1. 1
    Trigger

    Receive Member Application

    New member application is submitted with personal information, identification documents, and initial deposit details. Application data is captured and workflow initiation begins.

    CU*BASEFLEX
  2. 2
    Action

    Validate Identity Documents

    Automated verification of government-issued ID, SSN validation, and document authenticity checks. Cross-references information against fraud databases and OFAC lists.

    EpisysGalaxy
  3. 3
    Action

    Run Credit and ChexSystems Check

    Performs credit bureau inquiry and ChexSystems verification to assess member eligibility and banking history. Generates risk score based on credit union's membership criteria.

    Corelation KeyStoneSharetec
  4. 4
    Decision

    Evaluate KYC Compliance Status

    Determines if all KYC requirements are met based on identity verification results, risk scoring, and regulatory compliance checks. Routes application for approval or additional review.

    CU*BASEGalaxy
  5. 5
    Action

    Create Member Profile

    Establishes new member record in core banking system with verified information, assigns member number, and sets up initial account products. Configures access permissions and preferences.

    FLEXEpisys
  6. 6
    Action

    Generate Welcome Package

    Creates personalized welcome materials including debit cards, online banking credentials, and account documentation. Schedules delivery and sends notification to member.

    Corelation KeyStoneSharetec
  7. 7
    Output

    Complete Account Activation

    Finalizes account setup with full access enabled and compliance documentation filed. Member receives confirmation and can begin using all account services.

    CU*BASEFLEX

Outputs

  • Fully activated member account
  • KYC compliance documentation
  • Welcome package with banking credentials
  • Member risk profile assessment

Key Metrics

  • Account opening completion time
  • KYC verification pass rate
  • Manual review referral percentage

Tools & Integrations

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