After identifying a compliance gap in 4AMLD, back in 2017, KYC portal was able to set itself up to become a major RegTech provider.
In 2017, the KYC Portal team set up a session of requirements gathering, which had been drafted by senior personnel within compliance functions from an array of industries. This gave the team the knowledge and understanding of how compliance teams operate and where their pain points were. With this, the company set out to build a new solution.
Outlined in a new blog post from KYC Portal on its history, the company stated it first pitched the idea of KYC Portal to the board of Finovate. Out of a total of 900 applicants, the company was chosen as one of the top 16.
The blog post said, “This gave us the boost we needed to officially launch KYCP on the international market. Things happened really fast after that. Financial service firms, crypto payment companies, gaming and even logistics firms started to line up to use our product.”
With this momentum, KYC Portal had signed contracts with 18 local clients by the end of 2017. In 2018 the RegTech company secured its first international client, a private, independently owned bank in The Bahamas. Then by 2019, KYC Portal had Tier 1 and Tier 2 clients from the financial markets.
During 2020 and the Covid-19 pandemic, KYC Portal claims its solution became a “must-have” for many organisations that were working remotely. It said, “Unless geared up for such a situation (which really and truly is not something that anyone had forecasted for), major institutions who can only on-board new customers by conducting full due diligence on their clientele, were facing a mammoth challenge.”
Banks, insurance firms, financial services, payment services and more, were among those not prepared. While they still needed to onboard clients during the pandemic, without proper due diligence it presented too much of a risk.
This is where solutions like KYC Portal helped. Companies could continue to onboard through its online face-to-face video interview calls and integrated biometric verification, embedded email functions for collecting and collating data with embedded audited chat and audio recording.
It claims its most unique selling point was the dynamic configuration engine. This gives compliance teams the ability to define and preserve their entire regulatory framework. This means a team can create an entire process on certain risks as well as update them in real-time to ensure maximum flexibility.
This tool helped the company continue to grow internationally during the pandemic. KYC Portal now sells to more than 17 countries, including the US, UAE, Russia, South Africa and the UK.
Read the full blog post here.
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