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Applicant name: Aerotruth
Applicant Type: Private Company
Website: www.aerotruth.com
Headquarter City: Melbourne
Headquarter Country: Australia
Innovation Name: Aerotruth – B2B Onboarding Platform
Innovation Type: Product
Category: Compliance Solution of the Year
Status of Innovation: In-Market
Innovation Active Since: 05/31/2022

Innovation Description:
How does your innovation work and what does it do: The due diligence process for financial institutions to onboard and refresh business partners involves an exchange and review of a large number of voluminous and sensitive documents. This process is cumbersome, time-consuming and manual, often involving individually scanning and emailing various versions of documents.

The majority of financial institutions manage the compliance approval process via email.

Compliance approval is the pathway required prior to other cross functional tasks commencing like API integration, legal contracts and deploying the agreed service live between two parties.

Financial institutions today manage compliance approval and the exchange of a stack of 10-20 documents via email which in turn can take between 2 and 6 months for approval.

Speeding up compliance approval supports companies to enable revenue from partnerships much earlier.

How does Aerotruth work today: An Aerotruth licensee defines the documents they require on the platform for New Partner compliance approval or an Existing Partner Refresh and invites their partner to submit documents on the platform.

The platform generates an encrypted email enabling Guest access for the Licensee’s partner to submit the requested documents to the Aerotruth platform.

As Aerotruth is a cloud SaaS based platform, this enables direct communication between two partners on the platform enabling collaboration with compliance and business development teams during the review and approval of documentation.

Dashboard and notification status enables the Aerotruth licensee to have one source of live date for all onboarding activities from, documents submitted, approval status, direct messaging on a per document basis, visibility of pending refresh dates.

In todays regulated environment it is an obligation for entities to ensure they manage and review their ongoing commercial partnerships. Aerotruth gives full visibility of pending refresh dates for the licensee to request documents from existing partners and mitigate the risk of penalties and findings.

How did you put it together: Aerotruth is a SaaS platform built utilising AWS.

Innovation Inspiration: The co-founders of Aerotruth previously worked for WorldRemit, the UK based digital money transfer business.  Both founders were in the commercial team and responsible for the growth of the WorldRemit network adding global pay-out partners such as Bank, Non – Bank, and Financial Institutions.

They experienced first-hand the frustration of compliance approval for New and Existing Partners when this process is managed via email.

Friction points were internal and external:

Internal – with no one source of truth for the live status of the onboarding process and team members using multiple sources for status updates such as spreadsheets, word docs, SharePoint and email. It could take a number of days to prepare for compliance committee meetings, and business development meetings to understand the exact status of all onboarding activities.

External – the start of any commercial partnership is crucial and sets the atmosphere for a long-term partnerships. During the onboarding process there would often be friction between both partners from not having a clear status regarding approval and the months this process would take.

A lack of one clear point of status and onboarding via email was often the primary friction point during the onboarding process.

Who can benefit from your innovation most? Banks, Non-Banks, Mobile Wallets, MTO’s, Crypto Exchanges, and Regulators benefit from the Aerotruth solution. These verticals are currently being served on the platform today.

What are you most proud of about your innovation?  Launching with a well-known fintech company and working closely with their compliance, product and business development teams to re-think partner onboarding. Seeing partner approvals being completed on Aerotruth in weeks as opposed to months has been a highlight and we are excited to serve the c40 companies in the Aerotruth ecosystem since launch in May this year.

Furthermore, we have demonstrated a very quick market fit since deploying live in May 2022 with c40 companies in the Aerotruth ecosystem.

Finally, we were global from day one signing well-known companies.

Why do you think you should win this category? In a short space of time since deploying live in May this year, Aerotruth now has users in all continents of the world other than Antartica. We have been global from day one.

B2B onboarding and compliance approval has been an anchor requirement in the Financial Services industry for decades. However, the primary friction points regarding the significant exchange of documents required for review has been neglected and seen no innovation in this space.

The Aerotruth onboarding solution has provided innovation with no other regtech companies providing solutions at the front end of the problem – the exchange of documents is a primary requirement before reviews can commence.

Furthermore, we have demonstrated a very quick market fit since deploying live in May 2022 with c40 companies in the Aerotruth ecosystem.

Aerotruth’s solution sits at the intersection of Compliance, Partners, and CRM Management. Furthermore, we enhance communication and provide a clear and live status update of all onboarding requirements.

At the heart of any strong commercial relationship is collaboration and communication and Aerotruth improves both with their one source of truth onboarding platform.

Ultimately, we solve three problems in this category:
  1. Enhance communication and collaboration speeding up the onboarding process of new partnerships allowing companies to enable revenue streams from partnerships months earlier
  2. Mitigate risk of companies (commercial penalties and public findings) not having clear visibility of regulatory required ongoing re-reviews of existing commercial partnerships
  3. Aerotruth digitises the onboarding process between two organisations with one platform
The Aerotruth team have lived and breathed the frustration of B2B onboarding in previous roles and furthermore, the founders sits of a number of boards from Banks to listed entities and understand the impact of not prioritising compliance.

TEAM MEMBERS

Full Name: Michael Liu
Role: CEO / Co-Founder
LinkedIn: https://www.linkedin.com/in/michael-liu-australia

Full Name: Bryce Currie
Role: Co-Founder, Chief Commercial Officer
LinkedIn: http://www.linkedin.com/in/bryce-currie-8b262b6

SUPPORTING LINKS

Description: New Partnerships press – Tier one remittance business in the UAE
URL: https://thefintechtimes.com/lulu-financial-holdings-and-samsara-remit-select-aerotruth-for-b2b-partner-onboarding/

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