Applicant Type: Private Company
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
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.