When it comes to financial services onboarding, finding the right solution can make or break your operations. Two popular platforms, Under.io and PandaDocs, offer unique approaches to streamlining the onboarding process, but how do they stack up, particularly in high-stakes industries like financial services? Let’s dive into the specifics to uncover how these platforms handle real-world scenarios and why Under.io might just be the better choice.

Why Choose Under.io? Try it for Free Today!

Before we dive into the details, consider giving Under.io a try today. With seamless KYC (Know Your Customer) and KYB (Know Your Business) integrations, multi-factor authentication (MFA), credit checks, and a library of templates for tax forms and more, it’s designed to make financial services onboarding faster, safer, and more efficient. Visit Under.io to sign up for free and experience the difference yourself.

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Scenario 1: Merchant Account Onboarding

Financial institutions often deal with onboarding thousands of merchant accounts at once. This process involves extensive data capture, identity verification, and compliance checks to ensure both the business and its owners meet regulatory requirements. Here’s how Under.io and PandaDocs compare:

Under.io

• KYC & KYB: Under.io automates identity verification and business validation, pulling data from authoritative sources to ensure accuracy and compliance.
• Integrated Credit Checks: Under.io includes built-in credit analysis to assess risk profiles during onboarding.
• MFA Security: Multi-factor authentication ensures the security of sensitive data during the process.
• Custom Workflows: Tailored onboarding flows simplify complex, high-volume account setups.
• Document Tools: Features like a PDF combiner and PDF merger allow you to organize and manage onboarding documents efficiently.

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PandaDocs

• Primarily document-focused, PandaDocs excels in creating, sending, and signing digital agreements.
• Lacks built-in KYC, KYB, and credit-checking capabilities, requiring third-party integrations.
• Security features like e-signatures are robust but do not offer MFA or compliance-specific tools for financial services.
• Workflow customization is available but often requires additional setup and integrations.
• Limited options for document management tools like PDF merging or combining.

Real-World Testimonial

Vincent LaManna, a leader at B2B Soft, a major payments provider for merchants, shared his experience:

“I was about to start a massive onboarding and undertaking where I knew that there were going to be a couple thousand merchant accounts coming in. Like any business when you're scaling, you're looking for pain points, and my pain point and my weak point was going to be data capture. So, I was on the hunt for anything that would help me out there. I just happened to stumble onto the Under™ booth while I was at a trade show. I saw a demo on the floor. It was fantastic. I think there was one competitor there that I was looking at, PandaDocs, that I had worked with in the past, and Under™ just blew it out of the water.”

Scenario 2: W-9 Form Filling and Workflow Management

Tax documentation is a critical part of onboarding in financial services. Accurate and efficient handling of forms like the W-9 is essential to ensure compliance and streamline operations.

Under.io

• Template Marketplace: Under.io offers a pre-built W-9 template and other tax form templates, allowing for an enhanced form-filling experience directly online.
• Integrated Workflows: The platform ensures that W-9 and W-4 forms are completed, signed, and stored in compliance with regulatory standards.
• Data Validation: Built-in checks reduce errors by validating data entered into tax forms in real-time.
• Centralized Storage: All completed forms are securely stored and easily accessible for audits or future reference.
• Document Handling: Tools like a PDF combiner make it easy to manage multiple related documents in a single workflow.

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PandaDocs

• While capable of creating and signing W-9 forms, it lacks a dedicated template marketplace, requiring users to manually set up or upload templates for tax forms.
• Workflow management for W-9s and W-4s typically requires additional customization or integrations with third-party tools.
• Document storage is robust but may not offer the same level of integration and automation as Under.io.
• No built-in PDF merger or combiner tools to simplify document handling.

The Importance of KYC, KYB, Credit, and MFA in Modern Onboarding

In today’s fast-paced and increasingly regulated financial landscape, businesses must ensure secure, compliant, and efficient onboarding processes. Here’s why these features matter:

• KYC and KYB: Verifying customer and business identities helps prevent fraud, money laundering, and regulatory breaches.
• Credit Analysis: Understanding the risk profile of your customers enables better decision-making and protects your business from financial exposure.
• MFA Security: Multi-factor authentication safeguards sensitive information and ensures only authorized users can access critical systems.
• Efficiency and Scale: Automated workflows allow businesses to onboard thousands of clients without compromising accuracy or compliance.
• Document Handling: Tools like PDF merger capabilities or pre-built tax form templates help ensure that documentation is seamless and professional.

Getting Started with Under.io: A Step-by-Step Guide

1. Sign Up: Visit Under.io and create a free account.
2. Set Up Your Account: Customize your settings and connect your existing tools.
3. Configure Workflows: Use Under.io’s drag-and-drop interface to design workflows tailored to your business needs.
4. Enable KYC, KYB, and Credit Checks: Integrate these features to automate identity and risk assessments.
5. Use Templates: Access tax form templates like the W-9 and W-4 or design invoice templates for streamlined onboarding.
6. Document Management: Combine multiple PDFs or merge PDFs as needed to simplify the process.
7. Launch Your Onboarding Process: Start onboarding customers and merchants with confidence.
8. Monitor and Optimize: Use analytics and reporting tools to track performance and identify areas for improvement.

Final Thoughts

When it comes to financial services onboarding, Under.io delivers a comprehensive, secure, and scalable solution that goes beyond document management. By integrating compliance, security, and automation, it simplifies the onboarding journey for businesses of all sizes. While PandaDocs is an excellent tool for contracts and agreements, it doesn’t offer the specialized features required for financial services.

Ready to transform your onboarding process? Visit Under.io today and experience the platform that’s setting new standards in financial services.

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