/regulation & compliance

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

Fintech CEO selects Know Your Customer after posting KYB challenge on his LinkedIn page

Source: Know Your Customer

In a decisive move towards enhancing transparency, efficiency, and inclusion in financial services, 3S Money, the pioneering cross-border payments platform, has joined forces with award-winning RegTech provider Know Your Customer.

This partnership aims to digitise and streamline Know Your Business (KYB) procedures to deliver a more seamless and customer-centric onboarding experience to businesses around the world.

The collaboration between 3S Money and Know Your Customer emerged from a challenge posed by Ivan Zhiznevsky, CEO of 3S Money, to his LinkedIn community. Ivan asked providers who accepted the challenge to share the type of documents and official information they could retrieve for companies registered in specific countries. In response to Ivan’s post, Jamie Anderson, Global Head of Sales at Know Your Customer, was able to demonstrate the unparalleled quality and coverage of official registry data and documents accessible via his company’s platform and single API. The outcome was a viral post by Ivan, amassing over 130 reactions and engaging a global audience of more than 50,000 individuals on LinkedIn.

Recognised for its exceptional international reach and agility, 3S Money offers an advanced cross-border payments platform. The platform facilitates seamless high-value transactions across 190+ countries and grants access to over 65 currencies, allowing clients to open one global business account with localised EU, UK, and US account details, meaning businesses can transact in countries all over the world as though they are local.

Know Your Customer’s SaaS platform and API are designed to simplify and automate corporate onboarding, KYB compliance and periodic reviews for financial institutions around the world. The solutions’ real-time connectivity to company registries across 129 countries, coupled with AI-driven shareholding data extraction and UBO mapping from official documents, has set a new industry standard in business data quality and accessibility.

The collaboration also aligns with 3S Money and Know Your Customer’s shared mission of promoting financial inclusion and customer-centricity. While 3S Money aims to democratise access to financial services for business owners around the world, Know Your Customer is an advocate for the power of RegTech to level the playing field across the sector. In fact, by automating time-consuming client due diligence practices and reducing KYB costs, RegTech solutions make it safe and convenient to safely onboard companies from all over the world, including SMEs that in the past might have struggled to access much-needed financial services.

Ivan Zhiznevsky, CEO at 3S Money, commented:

“This partnership with Know Your Customer amplifies our commitment to providing a super convenient service to our clients and massively speeds up the onboarding process. By harnessing their technology, we’re able to deliver an even more streamlined experience to businesses across the globe. After I posted the challenge on LinkedIn, the response from Jamie Anderson, Global Head of Sales at Know Your Customer, was brilliant. They demonstrated an unmatched quality and coverage of official registry data and documents through their platform.”

Know Your Customer’s CEO, Claus Christensen, added:

“3S Money’s objective is to actively put the needs of their business clients at the centre of the onboarding experience. We are extremely proud to be the partner of choice for this project, helping them shift the burden of providing official company documents away from the end customer. By integrating our single API, 3S Money is able to source official company documents and standardised corporate and UBO data from their golden source, i.e. the local company registry.”

Comments: (0)