Since 2025, the rules of the game for SIFI banks (Systemically Important Financial Institutions) have been significantly different. The legislation on the "Right to a Basic Business Account" means, as you know, that banks are obliged to process applications from all legal companies and associations.
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What does the legislation entail?
The legislation is put in place to ensure that legitimate businesses are not excluded from the financial system. But for SIFI banks, it entails three central requirements that put pressure on the engine room:
- Obligation to contract: The bank must not, as a rule, say no. If a business has a legitimate interest and operates a legal business in the EU, they have a right to an account. This removes the bank's ability to handpick the most profitable customers or reject those deemed administratively heavy. Now everyone must be processed, regardless.
- 10-day guarantee: From the moment the bank receives an application, the clock is ticking. Within 10 working days, the bank must either have set up the account or given a written, reasoned refusal.
- Extended duty to state reasons: If the bank rejects a customer, there must be a specific individual justification. This requires that the compliance work is documented down to the smallest detail from day one.
In a time where resources are already scarce, the solution is not necessarily to hire more people, but rather to work smarter. When we can eliminate up to 80% of the time spent on a task, the question is no longer whether one should automate, but rather why one hasn't already done it?
With a strict deadline of just 10 working days to provide an answer, the reality for most banks has changed: The pressure on resources has become massive. More applications require heavier manual data collection and a constantly increasing need for hands in the compliance department.
Is this a reality you can relate to?
The Challenge: More work, same time
When we talk to decision-makers in the bank, the reality is clear: Onboarding today typically takes between 30 and 60 days. Forcing the process down to 10 working days is not just an adjustment, but a big upheaval. Banks are in a dangerous tension field where they must significantly accelerate speed without compromising their compliance and AML assessments in the slightest. This is an impossible equation with manual processes.
Simultaneously, the obligation to contract means that banks must spend precious time on all applicants, including the less profitable customers. When one can no longer prioritize freely, every manual hour becomes a real burden on profitability. If the onboarding time is not drastically reduced, the new legal requirements become an impossible task every time a small association or newly started company knocks on the door.
However, it is not only the deadline itself that is the challenge, but also the human factor under pressure. When manual processes have to be forced through in half the time, the risk of errors in case processing increases significantly. At the same time, manual workflows lead to a paradoxical waste of resources. Today, banks risk spending large amounts of time processing a customer who ultimately does not turn out to match their risk profile.
The Solution: Automation that frees up resources
At Uniify, we specialize in removing the heavy lifting in business onboarding. We help banks transform their process from a manual time-waster to an automated business advantage, where security accompanies speed.
Uniify: Your shortcut to effective onboarding
- Data collection in seconds: We automatically retrieve all necessary data directly from official registers. What previously took an advisor 1.5 hours to collect is now done in under 15 minutes.
- Compliance without compromise: Uniify automates screening against sanction lists and PEP registers, as well as mapping ownership structures. This means your AML assessments are based on real-time data instead of outdated manual lookups.
- Complete applications every time: Uniify ensures that all documents and information are correct and validated from the start. This eliminates the constant "ping-pong" with the customer, which is often the reason why the 10-day deadline is exceeded.
- Documentation Requirement: With the stricter duty to state reasons, it is crucial to be able to document a rejection. Uniify automatically logs all steps in the onboarding process. This gives you a complete history of each case, so you always have documentation ready for both the customer and the Financial Supervisory Authority.
Furthermore, Uniify is an investment in your most important asset: Your employees.
Automation is not just about speed, but also about securing your most important asset, namely employees. Today, highly educated specialists in SIFI banks spend a disproportionately large part of their day on repetitive copy-paste work and manual data collection.
By eliminating routine tasks, you strengthen your employer branding and minimize the risk of burnout. With Uniify, your team can focus on the complex risk assessments they were hired for, rather than functioning as data entry clerks. This makes the bank a more attractive workplace, where technology frees up time for qualified work.
Turn legal requirements into a growth opportunity
The legislation on the right to a business account does not have to be an administrative headache. With the right digital tools, SIFI banks can, on the contrary, use the new rules to show that they are the most effective and customer-oriented partners in the market.
Don't let manual processes and new paragraphs slow down your bank. Let us help you automate your onboarding so you can comply with the law and still have time for your customers.
Would you like to hear more about how Uniify can optimize your business onboarding and ensure your compliance with the right to a basic business account?
And most importantly: Could you and your team also use that extra time for more value-creating work, such as building strong customer relationships?
