FinClusive addresses financial inclusion by making mandated financial regulatory compliance simple and cost-effective for organizations (banks, nonbank financial institutions, small/med enterprises and nonprofits) and connecting them to regulated bank partners to provide their clients and communities access to financial accounts and make payments/transfers.
Targeted for un/underserved communities, our technology platform provides a comprehensive anti-money laundering and financial crimes compliance (AML/FCC) for organizations enabled via APIs and web-based user interface – this is Compliance as a Service (CaaS), an automated/full-stack financial crimes compliance solution designed for organizations providing financial services, from traditional banks to modern financial tech companies.
CaaS brings thousands of data/risk management tools to enable organizations of all types to conduct due diligence on individuals & businesses globally, monitor client activities and meet diverse regulatory compliance demands. CaaS is a gateway service to a growing US partner bank network, which enables these organizations to access insured accounts and the ability to safely store and move funds anywhere – for themselves and their clients/communities.
FinClusive’s platform is a secure and compliant gateway for the financially underserved and excluded, connecting traditional banking & alternative financial ecosystems, such as P2P mobile banking/financial networks and other digital payments service providers.
The plight of the excluded and underserved affects more than 35 million individuals and entities in the US and more than 3 billion people and millions of organizations and small businesses globally. These individuals and entities are denied access to the US/global financial system due to their high perceived compliance risk or challenges that make them ‘unbankable’ by traditional institutions (e.g. lack of a credit history, verifiable ID/track record, operate in an emerging/frontier market or high-risk jurisdiction, or in areas inaccessible to traditional banking). These individuals and organizations are increasingly turning to alternative financial channels (often unregulated, unsecure, non-transparent) or community and affinity organizations (charities/nonprofits, social service organizations) to facilitate their financial needs. These issues have exacerbated the plight of the underserved (low/mod income, minorities, small/med enterprises) in light of the pandemic and the ensuing economic downturn that will last for months/years. Working through these organizations, we can reach many individuals and entities that lack fundamental access to financial services, working capital and other basic financial products to survive.
The financially excluded / underserved includes, but not limited to:
• Veterans returning from service (homeless/challenged) who are often viewed as “high perceived risk” and thus unable to get a FDIC deposit account and must utilize alternative channels (some of which are predatory).
• Crowd funding/charity organizations perceived as being high risk that are unable to establish/maintain accounts and access to payment rails greatly limiting their ability to raise/distribute funds - this is impacting COVID-19 relief efforts, social justice initiatives, small business' access to financial resources.
• Community/social programs wanting to distribute assistance to constituents who may not have access to FDIC insured account and/or wanting to eliminate leakage/fraud - also impacting small/med enterprises.
• Fintechs providing alternative banking solutions to un/underserved and recognizing their obligation to adhere to financial crimes compliance regulations while providing new mobile/tech gateways – including cross-border payments and remittances – for financial access to build economic resilience.
Operations launched with Compliance-as-a-Service platformMay, 2019
Revenue generationMay, 2019
First bank signed as customer to begin providing KYC/onboarding compliance servicesJune, 2019
Accounts and Payments services (via integration with banks of record) launchedDecember, 2019
Stellar blockchain anchor and value transfer services launchedJune, 2020
Pipeline of customers engaged exceeds 120 entitiesJuly, 2020