RegTech firm Know Your Customer has today revealed it has expanded its registry coverage to include all 50 State registries in the US.
According to Know Your Customers, users of the solution will now be able to access official corporate information on over 30 million companies registered in the US both through the Know Your Customer platform and single API.
This update, the firm added brings the total of countries covered by Know Your Customer to 126.
Know Your Customer’s technology enables compliance teams and KYC analysts to embrace live, on-demand corporate data.
At the exact moment a new client needs to be onboarded, compliance officers are able to trigger a request to the relevant company registry via the Know Your Customer platform or API. The most up-to-date corporate information available is downloaded right then.
Details extracted from documents using Artificial Intelligence (AI) and Optical Character Recognition (OCR) technology are then presented in standardised formats and highly intuitive shareholding structures, automating the still mostly manual tracing and organisational chart drawing by compliance teams.
Know Your Customer CEO and co-founder Claus Christensen said, “By adding all 50 local registries in the United States to our coverage, we are equipping our clients with direct and easy access to the highest quality primary source data on U.S.-registered companies.
“Our technology gives them peace of mind that they are verifying their corporate customers through official company data and documents, instead of through out-of-date information from a static database. This announcement also represents a significant step for our company’s expansion into the US as the world’s largest market for RegTech solutions.”
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Copyright © 2018 RegTech Analyst
