Today at Money 2020, fscom announced the official launch of its flagship RegTech tool, KYC-Pro, to simplify and streamline the client on-boarding process for FinTechs, while ensuring they meet their regulatory obligations.
Despite strong growth in the FinTech industry, one of the biggest challenges facing companies is the administrative burden of on-boarding. Complex anti-money laundering requirements, and the heavy fines for non-compliance, make acquiring and retaining new customers a major headache for FinTechs. To deal with this, more and more FinTechs are turning to technology to speed up the process, without realising that the solution they adopt may not guarantee regulatory compliance.
Unlike most RegTech solutions, KYC-Pro has been developed by compliance experts, who understand the real life difficulties FinTechs face. Combining fscom’s expert knowledge of financial services regulation with the best databases and intuitive technology, means compliance officers can rest assured they are adhering to their regulatory duties when they use KYC-Pro.
Philip Creed, Director at fscom and Head of KYC-Pro, comments, ‘Regulatory pressure is stifling the growth of the UK’s FinTech industry. The problem with many of today’s RegTech solutions is they’re little more than data collators. We know our customers need more than that. They need RegTech solutions that integrate smoothly with their systems, save them time and, most of all help, keep them remain compliant. That’s exactly what KYC-Pro does.”
KYC-Pro enables customers’ to access to over 127 million companies worldwide, conduct individual AML checks across more than 20 countries and cross-reference potential customers against international PEPs and Sanctions lists, returning full details of returned records. Meanwhile, its meticulously designed APIs and user friendly dashboard improves customer experience.
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