Solo develops reusable customer-vetting tool for banks, fintechs

This new technology aims to fix one of the biggest headaches in consumer financing: the friction of customer identity verification. Solo has developed a 'reusable' vetting tool that allows customers to verify their identity once and share that data securely across multiple lenders or fintech platforms. Currently, every time a customer applies for a new financing program at your checkout, they often have to go through a redundant and time-consuming 'Know Your Customer' (KYC) process. This creates friction that leads to abandoned carts and lost sales. By coordinating with major regulators like the FDIC and OCC, Solo is building a framework where data can be shared safely between institutions without repeating the audit process. For retailers, this means faster approvals and a smoother experience for returning shoppers who use financing. If a customer has already been vetted by one bank in the network, they can breeze through the application for your specific financing offer. This reduces the 'application fatigue' that often prevents customers from completing high-ticket purchases. It also helps lenders reduce their compliance costs, which could lead to better rates or higher approval margins for your store over time.

Source: Banking Dive

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