1.3. The Muinmos Platform Solves these Challenges

Generally speaking, there are two main types of onboarding solutions in the market today:  

• The “Checker” – which automates a small part of the onboarding process, like IDV or PEPs, Sanctions and Adverse Media.  

• The “Collector” – which covers a larger part of the onboarding process, but only digitises it, not automates it (creates a digital work environment where humans can perform the different tasks).  

The first can be likened to a “robotic arm” – automated, but limited both in the type of actions it can perform and in its reach; and the other to an “assembly line conveyor” – it goes through all the required assembly stations, but doesn’t actually perform any of the assembly.  

The Muinmos Platform takes the best of the two types of solutions: it’s fully automated, like the “Checkers” (in fact, it incorporates a large number of them); and covers the entire Onboarding process, even more than the “Collectors”.  

Figure 4   The “Data-Finder”, the “Bespoke Workflow”, and Muinmos

Automating the entire onboarding process and centralising it on one Platform: 

• Significantly lowers onboarding time and improves the user experience, thus solving the Consumer-Compliance-Conflict.  

• Greatly simplifies the task of onboarding, by reducing to a bare minimum the amount of repetitive tasks needed to be performed by compliance officers (freeing them to do other, more meaningful tasks), and all other related aspects such as supplier management (there’s only one), backup (on the Platform), etc., thus greatly lowering the Organisational Logistical Cost.