NEWS

A new RegTech partnership: RiskScreen and ID-Pal

Press Release: For release Wednesday 1 April 2020

A new RegTech partnership: next-generation AML technology company RiskScreen partners with award-winning eIDV provider, ID-Pal

KYC Global Technologies, the provider of AML screening solution RiskScreen, has signed an international partnership agreement with identity verification solution, ID-Pal. KYC Global is incorporating ID-Pal’s technology into its new RiskScreen OnBoard product, a turnkey solution that enables users to register, verify and screen new customers within a matter of minutes instead of days.

RiskScreen is used by over 750 corporates globally to screen individuals and entities against the world’s best sanctions, PEP (politically-exposed person) watchlist and adverse media datasets. With the integration of ID-Pal’s eIDV functionality, the identity of individuals can now be verified as part of a single seamless process, which also incorporates risk rating, screening and advanced workflow.

Benefits

  • True frictionless onboarding of prospects and customers
  • Improved customer experience and velocity of customer acquisition
  • Remote fulfilment of AML and KYC compliance requirements
  • Reporting at every stage of the process highlighting red flags and exceptions
  • A single application suite, from which clients can pick and choose components to fit in with their existing systems and processes.

Stephen Platt, founder of KYC Global Technologies, said, “We’ve been monitoring the development of eIDV services as the technology has matured. Unlike the majority of eIDV providers, ID-Pal’s solution delivers the levels of accuracy, speed and security that our customers rightly expect. As part of RiskScreen OnBoard, eIDV is delivering a paradigm shift in ease and speed of customer acquisition, and improved confidence when compared with old manual processes. We are a preferred global partner of major firms including Salesforce, Refinitiv and Dow Jones and I’m very excited to be able to add ID-Pal’s technology to our offering.”

Al Blayney, Strategic Partnerships Manager at ID-Pal, said: ‘These days, businesses expect seamless, convenient digital solutions that enable them to focus on their core offering and drive growth. Our partnership with KYC Global Technologies provides businesses with a one-stop shop for their risk screening needs, enabling them to build new relationships and trust with customers quickly. We’re thrilled to be partnering with KYC Global and look forward to helping many businesses with their IDV requirements.’

The full RiskScreen OnBoard solution will be available in Q2 2020, but its verification component developed in partnership with ID-Pal is available immediately under the name RiskScreen Verify.

Image illustrates the primary elements of the RiskScreen OnBoard turnkey solution:

RiskScreen OnBoard diagram March 2020

Release ends

Notes to editors

About KYC Global Technologies Ltd

KYC Global Technologies Ltd, founded originally in Jersey, is an AML technology business that builds innovative RegTech solutions designed to manage financial crime risk, including the cutting-edge customer screening solution RiskScreen and the lifecycle risk management tool Panoptic. The business is supported by several high net worth individuals including Simon Nixon, founder of MoneySupermarket.com, and was independently ranked as one of the world’s Top 100 Risk Technology businesses in 2020. For more information, visit: https://www.riskscreen.com/

Press contact: Kate Marsden at KYC Global Technologies | katemarsden[at]kycglobal.com

About ID-Pal

ID-Pal is an award-winning ID&V solution that enables businesses to verify the identity of customers and meet their AML/KYC compliance requirements remotely. The platform requires no integration and can be up and running within a day. Customisable to the specific needs of any business, the solution eliminates the complexity, cost, timelines and risk associated with regulatory compliance. ID-Pal’s blend of best-of-breed technologies and seamless user experience delivers the highest first-time pass rate, with 93.5% of customers being verified in real-time. For more information on this RegTech100 company visit https://www.id-pal.com/

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