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Using Passfort

What happens to new product applications?

Add a new product application to a profile to start the onboarding process.

The appropriate tasks are added to the product application. As the product application progresses, you can update the tasks.

If the profile doesn’t meet the requirements of the tasks, the product application can be rejected. If all tasks are passed successfully, the product application can be approved.

One profile may have multiple product applications open at the same time.

When a new product application is added to a profile

The product application’s risk level is assessed

This is only applicable if you’ve purchased the optional Risk module. Otherwise, the product application process starts with Tasks are created. Contact us to learn more about risk.

The product’s risk model is applied to the product application. If the product has one risk model for individuals and one risk model for companies, the one that matches the profile’s type is applied.

First, the product application’s total risk score is calculated by checking the profile’s details against the risk factor rules in the product’s risk model. Learn more about risk models.

If the profile data needed to match conditions of a required risk factor cannot be found, for example, if some of the profile’s details are blank, the status of the product application becomes Requires risk score until a user provides the missing data. Once a user provides the missing data, the risk score is calculated, and the product application continues automatically.

Next, a risk level is assigned to the product application based on its total risk score, for example, Low risk, High risk.

Once the risk level is applied, you can see it next to the product application in the Risk score section of the profile.

Risk score for an application

Every product application has its own risk level. For example, a profile may have one product application that’s low risk and another that’s high risk, depending on the risk models used for the products.

Tasks are created

The product’s smart policy is applied to the product application, creating tasks. If the product has one smart policy for individuals and another for companies, the one that matches the profile’s type is applied.

If you have Risk configured, the smart policy checks the product application’s risk level before taking action. If the product application has a risk level you’ve designated for automatic rejection, it's rejected. Otherwise, the tasks specified for that risk level are created.

If you don’t have Risk configured, the smart policy assigns the same set of tasks for every product application.

Company profiles may have tasks with associate smart policies. Any associate smart policies are applied now. The tasks specified in the associate smart policies are created on the profiles of the relevant associates.

Tasks for all of the profile's product applications are displayed under Due diligence tasks. To see the tasks for a specific product application, select it from the profile's Product applications.

List of due diligence tasks required for the selected application.

When you define smart policies, you can choose to have two smart policies apply the same task. If a profile already has a task as part of another product application, it is not added a second time. You can also see a product application’s outstanding tasks by hovering over the product application’s status on the Profiles tab.

Tooltip displayed on hovering over Needs manual completion status for a product application. The tooltip shows the onboarding status of the application.

Automatic checks are performed

The product’s smart policy creates any checks specified for the tasks. Buttons to run the checks are displayed on the tasks.

Run check menu

If any checks are configured to run automatically for new product applications, these are run now and the results are displayed on the task.

If the product has associate smart policies that include checks configured to run for new product applications, those are also run now and displayed on the tasks of the associates’ profiles.

Successful checks are marked Passed and unsuccessful checks are marked Failed.

Checks that could not be run because of an error with Passfort or a data provider are marked Error.

Electronic identity check results showing check has passed.

Tasks are passed/failed

The smart policy determines whether tasks are passed automatically or manually.

Passing tasks automatically

The smart policy can specify that tasks with checks performed automatically are passed automatically as soon as one check passes. Any tasks with this specification and a Passed check are now marked Task passed.

The indicator for passed tasks is a check mark.

Task indicator in profile sidebar showing that the task has passed.

Tasks with an associate smart policy are only marked Task passed when the associates of the company are approved. Each associate smart policy determines whether a specified number of associates, a specified percentage of associates, or specified types of associate need to be approved for the task to be marked Task passed.

Passing tasks manually

All other tasks must be passed manually.

The indicator for tasks that are not yet passed or failed is an empty circle.

Task indicator in profile sidebar showing that the task is incomplete.

The actions you take to pass the task depend on the nature of the task as well as your company’s compliance policy. You might:

  • Review information obtained from checks.

  • Complete a task form.

  • Upload files, for example, a PEP declaration form, to the Task notes.

    Add task notes for a task
  • Record conversations or actions that took place outside of Passfort by adding a note to the Task notes.

Once the task is passed, select Mark task as complete and choose Passed. The task is displayed as Task passed and its indicator displays a check mark.

Task passed indicator

Want to work faster? Select Passed + move to next task to mark the task as passed and jump to the next incomplete task. If all tasks are complete, the Applications section of the profile is displayed so you can approve the product application.

Failing tasks manually

To fail a task, select Mark task as complete and choose Failed. Optionally, explain why you're failing the task in the Task notes.

A product application with one or more failed tasks cannot be approved.

If another user should take action on the tasks, you can assign the product application to them. Tasks cannot be failed automatically.

The product application is approved/rejected

Once all tasks are passed, the next action is determined by the smart policy.

Approving product applications automatically

If the smart policy is configured so product applications are approved automatically once all tasks are passed, the product application is given the Approved application status.

Application page on a profile showing the application has been approved.

If you have Risk configured, you can configure the smart policy so product applications are rejected automatically for specified risk levels. To learn more, see Tasks are created.

Approving/rejecting product applications manually

If automatic approvals are not configured, the application status is displayed as Ready for decision, indicating that a user will need to manually approve or reject the product application.

Once a product application is approved, either automatically or manually, it starts the monitoring stage.

Profiles that only have rejected product applications are not displayed by default on the Profiles tab. To see them, filter your view to include the Rejected status. Learn more about filtering and sorting profiles.The Profiles page