Financial technology company Narmi has expanded its product portfolio by launching a digital account opening platform.

The new offering, according to the company, will allow financial institutions to seamlessly onboard new accounts, verify identities, instantly fund the accounts and present digital banking enrolment.

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The new platform will collect from the new account holder and verify the account holder’s identity through more than 30 verification data sources.

All information will be offered to the financial institutions through a single API, the company said.

The new platform will also allow financial institutions to dynamically adjust identity verification rules to meet the specific requirements of their fraud and compliance departments.

Additionally, the platform supports funding of the accounts via debit cards or ACH transfer in addition to one-step enrolment with mobile and online banking platforms.

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Narmi co-founder Chris Griffin said: “Deposit growth is the most common focus we hear from financial institution CEOs and our new digital account opening platform is a great example of Narmi solving real problems for our customers.

“Financial institutions can now open accounts in minutes, all while maintaining a robust compliance and fraud monitoring environment. Furthermore, our digital account opening platform is a great complement to our award-winning mobile and online banking platform.”