Today, KYCnet announced that they have joined the Equiniti Group. The Equiniti Group plc is a leading provider of technology led solutions to clients with complex and regulated administration needs.
According to KYCnet, joining the Equiniti Group will bring significant benefits to existing and new clients, greatly supporting our growth momentum and potential. Equiniti’s reputation, size, experienced team and global sourcing capability will allow us to scale up to meet our clients ever growing demands. Furthermore, Equiniti, like KYCnet, firmly believes in intelligent and technology driven solutions – a great fit.
KYCnet is an experienced Know-Your-Customer (KYC) technology and services provider which helps organisations verify and on-board their customers. KYCnet’s flagship product is KYC Passport, an enterprise workflow management platform for retail and B2B customer on-boarding and due-diligence. KYCnet was the first company to adopt a ‘KYC as a service’ model, and has eight years of operating exclusively in the KYC sector, deep domain knowledge and experience of working with leading financial institutions and banks across Europe.
Equiniti is a specialist outsourcer delivering technology-enabled solutions to large enterprises. It processes £90bn in payments every year, handles 88 million documents and pays 20 per cent of pensioners in the UK. Equiniti is an acknowledged leader in many of their markets and keeps things running smoothly for some of the UK’s biggest banks, best-known brands and public sector organisations.
Tighter regulatory requirements, particularly in financial services, has caused companies to review and rapidly amend their KYC processes and capabilities. In doing so, many are finding that their new processes have created barriers to servicing and growing their customer base, and have discovered that their existing customer data often fails to meet regulatory standards. This acquisition ideally positions Equiniti KYCnet to assist financial services clients that have a KYC need in addressing these challenges.
