Kyckr Limited (ASX:KYK) (Kyckr or the Company), a regulatory technology (RegTech) company is pleased to announce that it has extended its services to long-standing customer NTT/Bank of Ireland for a further 12 months.
The existing three year agreement with NTT/Bank of Ireland due to conclude in September 2021 has now been extended one year early to September 2022.
The agreement provides a minimum contractual commitment of A$220k (€135k) over the extension period. This follows the A$660k (€405k) contractual agreement over the three-year period to September 2021.
Kyckr provides services to Bank of Ireland through prime contracting party, NTT Services. The agreement covers the provision of data to facilitate Corporate Know Your Customer Due Diligence (KYC DD) Services, including onboarding new customers and on-going monitoring of corporate customer information through Kyckr’s Company Watch service.
The agreement to extend the contract almost 12 months before it is due to conclude demonstrates the increased usage of the Kyckr technology by existing customers.
Kyckr CEO, Ian Henderson, said the agreement with NTT/Bank of Ireland demonstrates the stability of Kyckr’s long standing relationships within the financial sector- with NTT/Bank of Ireland becoming a client in 2015.
Mr Henderson added: “This contract also demonstrates the growth from our existing customer relationships with our strategic partnership program bearing fruit.
“The agreement clearly shows that large companies can work with and trust a smaller partner of our size, as we help businesses with the right tools to detect fraud and prevent money laundering, as regulations continue to increase.
“We look forward to the launch of our ongoing compliance monitoring Company Watch product beyond the UK and Ireland into Continental Europe and Australia which we expect will drive the upwards trajectory in revenues generated from our services to Corporate clients.”