Refinitiv is partnering with Japan’s Liquid, Inc. to streamline the electronic Know Your Customer (eKYC) process for the Japanese market.
The combination of trusted and accurate screening capabilities from Refinitiv’s World-Check One solution and Liquid’s biometric authentication service, LIQUID eKYC, enables financial services providers to start on-boarding and transacting with customers more quickly and reliably.
The move by the two companies follows recent regulatory developments in Japan, including amendments to the Japanese Act on the Prevention of Transfer of Criminal Proceeds. The amendment now enables banks and financial services providers to process applications for new accounts and conduct transactions using digital identification and authentication.
The partnership between Refinitiv and Liquid overcomes the customary delays and documentation associated with traditional approaches to establishing customer identity, while at the same time supports the financial services sector in its efforts to meet their KYC obligations and prevent financial crimes such as money laundering.
Liquid, Inc. will incorporate the risk screening capabilities of World-Check One via Refinitiv’s open API technology, which is designed to provide an interface for third-parties to easily integrate World-Check’s risk intelligence data with their own proprietary systems and technology offerings.
Both companies expect the joint offering to appeal to a wide range of financial services businesses, including cryptocurrency exchanges and securities companies, and to be applicable to activities such as administrative procedures and routine identity verification.
“Through the combination of Liquid’s eKYC service and Refinitiv’s World-Check One, we are enhancing the timeliness and safety of our KYC operations, said Yasuhiro Kuda, CEO of Liquid. “We are also establishing more robust countermeasures for tackling financial crime through the use of biometric authentication and cloud technologies with the aim of realising a safer society together with Refinitiv.”
“Given the urgent need to strengthen the response to financial crimes such as money-laundering, we believe this partnership will be welcomed by many companies and business sectors,” said Phil Cotter, Managing Director of the Risk business at Refinitiv. “We are committed to improving the KYC process for our customers and the partnership with Liquid is one more example of how we intend to find better ways to more effectively combat financial crime.”