W2, a Cardiff based technology provider, today announced its strategic partnership with kompany, a RegTech platform for Know Your Company (KYC) and Know Your Business (KYB).
The partnership will allow W2’s client base to access the RegTech’s latest KYB offering, including its global Ultimate Beneficial Owner (UBO) data, via its award-winning compliance platform.
W2’s partnership with kompany will ensure that W2’s range of clients across regulated industries have access to real-time, accurate and audit-proof entity information directly from the primary source. The partnership will not only allow W2’s clients to reduce manual and time consuming KYB processes but will ensure a truly seamless onboarding journey for its clients’ customers.
“Partnering with kompany is a critical for the strategic development of W2,” said Warren Russell, CEO & Founder of W2. “The ability to offer our clients access to company filings and real-time business information allows for more streamlined compliance with the 5th and 6th Anti-Money Laundering Directives and ensures that the effectiveness and efficiency of the digital onboarding journey is enhanced.”
The partnership will provide full details on all shareholder information, as well as annual and financial accounts direct from official commercial registers worldwide using kompany’s extended UBO service. This will enable W2’s clients to comply with regulations with the most up-to-date and accurate information available.
“Despite reports indicating that the global KYB market will be valued at close to USD 12 billion by next year, we estimate that currently only 5% of financial institutions have an automated B2B or corporate banking onboarding journey,” said Russell E. Perry, CEO and Co-founder of kompany.
“In fact, nearly 75% of these businesses are still relying on Google searches to complete their customer due diligence. We are excited to bring our RegTech platform to W2 and empower their clients to get the best value out of their compliance procedures with the greatest ease and confidence possible.”