This project is centered on automation and account aggregation for Individual Retirement Account (IRA) investors, advisory partners, and retirement service providers. The GROUPIRA 3.0 initiative incorporates Veratad’s technology for identity verification and compliance with Know Your Customer (KYC) regulations.
For the advancement of this project, GROUPIRA is crafting a bespoke online account origination platform tailored for program advisors through the use of Open API technology. This collaboration involves a consortium of companies including Veratad, Microsoft Azure, LexisNexis, DocuSign, Plaid, and FIS Relius.
GROUPIRA 3.0 builds on the launch of the GROUPIRA Claims Process Portal, enabling members to file claims for accessing retirement funds from their previous employers.
With GROUPIRA 3.0, inactive members can authenticate their identities and initiate automated ACH transfers to confirm bank account details among other features.
