Relm Finance, a new Irish €200 million property lending fund launched today with our technology fully integrated into their onboarding process and website https://www.relmfinance.ie from the start.
Relm Finance loans are available for commercial property investments from €1 million to €25 million and borrowers are businesses typically registered as limited companies in Ireland. Relm Finance created a fully digital loan application and management platform that allows for very short decision cycles. The KYC automation offered by Know Your Customer allows Relm Finance to on-board these new customers fully digital and with unprecedented speed.
When a new borrower signs up for a Relm Finance loan via their website their limited company name is automatically set up as a new KYC case in Relm’s Know Your Customer portal. The KYC automation algorithms immediately connect to the Irish CRO directly and assess the company registration status, download KYC-relevant company filing documents, and then identify all directors and beneficial owners. If a shareholder is not a person but a company the algorithms repeat the process for the parent and construct the whole company structure tree within minutes. All this is done in the background with no intervention by the borrowers or Relm Finance staff.
The Relm Finance compliance officer then invites two directors and the beneficial owner(s) to the secure KYC app to upload their passport and proof of address documents fully digital. After they complete the digital verification, algorithms automatically verify the authenticity of the submitted photo ID documents, and inform the compliance officer of the outcome. All the compliance officer needs to do at this stage is electronically check off the collected documents in the Know Your Customer portal and close the KYC case as successfully verified. The “closed” status is automatically signalled back to the Relm Finance platform which enables further processing of the loan in question.
Integrating the Know Your Customer technology into Relm Finance’s platform dramatically shortens the decision times for new borrowers and allows Relm Finance to serve a large volume of incoming applications with a very small staff.