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DocFox partners with ModusBox for Community Banks and Credit Unions

By Edlyn Cardoza

September 07, 2021

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DocFox, ModusBox, Cloud, SaaS, USAModusBox, recently announced its partnership with DocFox – the SaaS-based automated business onboarding tool for financial institutions. The two companies provide a powerful solution that enables banks and credit unions to unlock access to banking core data and rapidly onboard any new business.

DocFox provides a white-labeled, paperless experience that handles document collection and validation through automated analysis, performs enhanced review and screening of high-risk customers, and a single point of view for real-time tracking of BSA (Bank Security Act) compliance.

ModusBox’s PortX integration platform unlocks access to banking core data through an API layered approach, allowing FIs to easily connect DocFox and other FinTech solutions to core applications and real-time payment channels.

“It’s clear that DocFox supports modern architecture for financial institutions,” said David Wexler, CEO of ModusBox. “It’s a great example of the type of new FinTech vendor that we want to join forces with to enable our bank and credit union customers to compete in their industry. This partnership creates a better cost factor for FIs to manage high-risk and business account opening and create reusable assets to drive new use cases and additional efficiencies.”

“Financial services is evolving daily with new opportunities around every corner,” said Ryan Canin, CEO of DocFox. “Building the right nimble technology architecture that allows financial institutions to keep pace will be critical. DocFox is thrilled to be able to support our clients in partnership with ModusBox to leapfrog what they thought was previously possible and fully automate the onboarding of business and complex entities.”

DocFox is used by over 200 financial institutions to automate their account opening processes. It provides intelligent, highly customized workflows for any type of client. DocFox allows for an omni-channel account onboarding process with the flexibility for any client type, whether a corporation, offshore trust, crypto business, money services business, or an LLC. DocFox has innovative modules for the latest experience in automated business onboarding, including intelligent custom digital forms, automated document analysis, ID&V, risk rating, and sanctions screening with adverse media.

ModusBox is a financial services technology company focused on open banking solutions that unlock access to banking core data and eliminate vendor dependencies. We help financial institutions empower their teams to connect to real-time payment networks like Zelle®, Mojaloop, ACH, Fedwire, and others. In addition, our solutions enable interoperability between online banking, credit checks, mortgage and loan applications, and other internal systems allowing for a timely and accurate view of customer data.

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