Oxygen Implements Automated, Compliant Business Account Opening With DocFox

Digital banking platform streamlines and simplifies onboarding for business customers

Oxygen, the modern financial platform designed for the 21st century, announced it has implemented DocFox to automate and streamline account opening for its business customers.

Oxygen provides seamless digital banking experiences for both individuals and businesses. As the company grows, manual processes like business account opening become increasingly challenging, as they do not naturally scale. Unlike consumer accounts, the regulatory and compliance requirements associated with more complex accounts make it more difficult to provide a low-friction experience for new customers. Seeking to provide great journeys without sacrificing compliance or increasing costs, Oxygen turned to DocFox.

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DocFox provides workflow automation for business account opening. By interfacing with existing systems at Oxygen via API integration, DocFox provides advanced document analysis combined with exception handling. This facilitates scalable, compliant onboarding journeys for even the most complex business accounts Oxygen encounters.

“Oxygen is powering a new wave of small businesses that will be the growth engine of the 21st century economy. We cater to a specific small business –creators and solopreneurs – who have seen torrid growth since the onset of the pandemic. We needed a business banking solution to keep pace with our own hyper growth,” says Hussein Ahmed, Oxygen CEO. “We chose DocFox because of its ability to validate documents quickly and compliantly, and for the personalized journeys we could build to deliver the most forward-thinking experience for our business customers.”

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“Growing your fintech business isn’t possible without being able to scale both onboarding and compliance in tandem,” explains DocFox CEO Ryan Canin. “With the customized workflows and powerful integrations DocFox delivers, Oxygen can deliver on providing best-in-class onboarding for any business customer, regardless of complexity.”