/regulation & compliance

News and resources on regulation, compliance, legal and governance issues for banks and fintechs.

Kyckr extends agreement with Citi Commercial Bank

Source: Kyckr

Kyckr Limited (ASX:KYK) (Kyckr or the Company), a regulatory technology (RegTech) company is pleased to announce the extension of its services to long standing customer Citigroup, to now also include its commercial banking division Citi Commercial Bank.

As part of the extension of services, Citi Commercial Bank, is adopting Kyckr’s customer verification platform, the largest portal for customer verification globally, with over 200 registries and information on over 170 million companies. Citi Commercial Bank will use Kyckr’s API solution to access real time primary source data and documents during the critical stage of customer verification when bringing a new business customer onboard.

The value of the services will be in the region of up to USD$300,000 (A$496,000), over a 12 to 18 month period, with Kyckr’s technology to be used in 15 key countries where the bank operates. Data traffic has commenced and Kyckr remains positive on further developing its relationship with Citigroup.

The Company currently also supplies Citi’s Institutional Clients Group (ICG) and Trade and Transaction Services (TTS) with API and portal solutions, providing primary source corporate data primarily in customer onboarding globally. Kyckr has been selling its API Enterprise solution to Citigroup since 2016.

Kyckr’s CEO, Ian Henderson, commented: “Citigroup has been a long standing client of Kyckr, and the fact that we’ve extended our services to their commercial banking division, is a great indication of our ability to capture significant opportunities that exist within large financial services organisations. There is no better referral than within an existing organisation, and the fact that the Kyckr technology has been embedded into a number of Citi’s core divisions, reaffirms the strength, reliability and importance of our solution, bringing speed and accuracy to regulatory compliance checks.

“Onboarding new clients when opening a bank account is the first stage in customer verification, involving gathering vital information on the customer and conducting identity checks to comply with Know-Your-Customer regulations. More and more businesses are looking into automated and accurate means of adhering to Anti Money Laundering and Know Your Customer obligations to prevent fraud, and this is where our technology is well positioned in the market.”

Kyckr continues to experience strong engagement from existing customers within its Enterprise division, and this latest extension of services reinforces the Company’s focus on Enterprise growth.

Comments: (0)