Backbase partnered with eToro to enhance digital onboarding services

By Joy Dumasia

Backbase, an Engagement Banking technology provider, announced that it has partnered with eToro. This multi-asset investment platform empowers people to grow their knowledge and wealth to enhance eToro’s digital onboarding capabilities and back-end compliance infrastructure.

The collaboration will see eToro adopting Backbase’s Digital Sales solution to deploy a fully digital and seamless account opening experience across its global user base and a new Know Your Customer (KYC) architecture to better support its platform growth and compliance across the full customer lifecycle. 

eToro operates in a highly regulated global industry with a unified approach to rules and regulations. As eToro tailors its offerings, products and services to the regulatory requirements and limitations of each of the jurisdictions within which it operates, it required a technology partner with a robust global presence and sophisticated architecture to allow the platform to continue to grow exponentially – while providing state-of-the-art security and global compliance support.

Backbase’s Digital Sales solution will be deployed via Microsoft Azure – ensuring that, as eToro grows, its digital architecture will be able to scale alongside it. Operating in a cloud environment will allow Backbase to rapidly deploy new product features and updates to help eToro stay fully compliant with evolving regulatory requirements on an ongoing basis. 

Matthijs Eijpe, Regional Vice President, EMEA, at Backbase, adds: “We are thrilled eToro chose us to support their vision of building a scalable, future-proof onboarding architecture. eToro are true FinTech pioneers, and their decision to work with us is a testament to Backbase’s commitment to – and success in – building innovative technology solutions that support our customers’ near- and long-term growth ambitions while still centering the end-user experience.” 

Recently, IBS Intelligence reported that Backbase had supported real estate financing leader PBB Deutsche Pfandbriefbank (PBB) to introduce its new client portal powered by the digital banking technology provider’s Engagement Banking platform.