OnDeck subsidiary ODX launches Digital Account Opening to support Online Banking

By Pavithra R

ODX, helping financial institutions reinvent the way they originate business banking products has announced the launch of Digital Account Opening (DAO) experience to its suite of services offered by the company.

The DAO launch is expected to allows ODX to further assist financial institutions looking for digital onboarding and lending capabilities. The omnichannel platform allows for product-agnostic merchant onboarding while satisfying Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements for both digital and in-person account opening.

“The financial industry has seen a meaningful shift in customer preference to digital channels over the last few years, a trend which has accelerated during the COVID pandemic. Our clients are looking for a platform to support both their existing and potential new customers through digital means. ODX’s DAO solution capitalizes on nearly 15 years of digital onboarding and origination experience to help mitigate KYC and fraud concerns during the digital onboarding process,” said Brian Geary, President of ODX.

The ODX platform delivers automated end-to-end business lending and digital account opening solutions that features customer-optimized user interface, and industry-leading credit, risk assessment, and fraud detection capabilities. The platform is cloud-native with highly scalable architecture to meet SLAs.

“We are leveraging the existing ODX platform to offer this new solution and have multiple clients committed to launching DAO. Offering DAO for deposit products compliments our core loan origination capabilities. ODX’s ability to solve customer acquisition on both sides of the balance sheet is a differentiator. Clients using ODX across their product suite will benefit from a seamless customer experience regardless of the product or acquisition channel,” added Geary.

Founded in 2018, ODX is a subsidiary of OnDeck. OnDeck established the firm to provide a white-labeled solution for banks to efficiently address small business banking needs. Recently, Enova joined forces OnDeck to create a new online lending company.