Kyckr Limited, a regulatory technology company, is pleased to announce the launch of its online platform for customer identification, accessing real-time data from over 200 registries in 120 countries, enabling users to instantly find company profiles, credit reports and filings.
High profile incidents have led regulators from across the world to take strong action to improve KYC and AML (Anti-Money-Laundering) policies, including the adoption of emerging technologies.
Powered by Microsoft Azure technology, the Kyckr platform debuts an all-new mobile responsive design centred around client needs and behaviours, with quick search dropdowns, improved administration features, dashboard functionality and increased information on the Company’s range of compliance solutions.
Kyckr has experienced a 43% increase in new registrations in Q1 2019 vs Q1 2018, driven by demand from financial services, accounting and legal sectors where manual processes and poor data quality lead to increased financial risk. Kyckr’s online revenue has increased consistently year on year, up 64% in H1 FY19 versus the prior corresponding period.
The trend is expected to accelerate under the leadership of newly appointed CEO Ian Henderson. Ian has over 30 years of executive experience across the financial services sector, holding former CEO positions at Shawbrook Bank, Royal Bank of Scotland (RBS) International, and a leading UK private and commercial bank.
When asked how Kyckr overcomes the main problems surrounding KYC and AML, Henderson told TFT:
“KYC checks are often carried out manually, but this is time-intensive and impractical. As well as the obvious risk of human error, taking too long to on-board a customer can cause high customer drop-off rates and loss of potential revenue. Relying on manual procedures also makes it extremely difficult for businesses to identify high-risk in real time.”
“Kyckr helps organisations to verify the identity of corporate customers by providing access to global electronic data in real-time via more than 200 business registries. This solves the problem of manual processing, and significantly reduces the costs of KYC and AML compliance at on-boarding, and throughout the lifecycle of client relationships.”