Aussie regtech startup Kyckr signs US distribution deal with Mizen Group
31 May 2017 | 3487 views | 0
Kyckr Limited (ASX:KYK) (Kyckr or the Company), a regulatory technology company, is pleased to announce it has a signed a binding agreement with The Mizen Group LLC (Mizen) to distribute Kyckr’s products and services to its US and European focused clients.
The agreement signifies Kyckr’s expansion into the large and lucrative US market, leveraging Mizen’s established reputation, customers and prospects. Mizen are focused on the New York district where many international banks are domiciled.
Under the mutual distribution and revenue-sharing partnership, Mizen will integrate Kyckr’s data services Application Program Interface (API) into its Anti Money Laundering Platform known as the Smart Data Investigative Platform (SDIP). Kyckr’s integrated offering will provide SDIP users with access to 186 official state and national business registries, across 128 countries. Mizen customers will have access to Kyckr’s capabilities and use its technology to clean existing client records. Furthermore, Kyckr’s Company Watch will send updates from source registers for any change to a Company’s status, meaning client records can be kept current as required under regulatory obligations. A white-labelled version of Kyckr’s platform will also be marketed by Mizen in the US in collaboration with Kyckr.
Kyckr’s product offering is highly complementary to Mizen’s established Know Your Client (KYC) products and services, with Kyckr’s global data access providing great added value to Mizen’s existing offering. Under the agreement, Kyckr will also distribute Mizen’s Anti Money Laundering Platform, SDIP globally to prospective and existing customers. Mizen and Kyckr will participate in a net revenue sharing arrangement for the sale of each other’s products and services.
This agreement is effective immediately.
Patrick Kelly, Partner at the Mizen Group states: "We are extremely excited to partner with Kyckr to provide our Banking clients with a unique and best in breed KYC data solution, that can streamline and accelerate customer on-boarding and validation, in line with FinCEN’s 5th Pillar of AML Compliance.”
Paul McCarthy, Partner the Mizen Group states: 'Kyckr's ability to access company registrars globally will enable our Banking clients, to maintain a real-time view of their corporate customers, that can be easily embedded through the Kyckr API”.
David Cassidy, Kyckr’s Managing Director states: “We’re pleased to have partnered with Mizen, an established consulting firm that has impeccable relationships with US regulators and its clients. Entering the US market can be a very expensive and high-risk investment. This partnership with Mizen provides Kyckr with leveraged access into the New York district, the domicile of a majority of the world’s international banks and marks our foray into a large regulatory market. Our technology and services perfectly complement Mizen’s technology and service offering and we plan to provide Mizen with on the ground support to ensure the success of this agreement for both parties.”