KYC Portal’s Success Story

A few years ago, we noticed a gap in the market where financial institutions would suffer when it came to complying with the 4th AMLD that was enforced back in 2017. So, we set up a session of requirements gathering which were drafted and led by senior personnel within compliance functions in various industries on the market. These sessions gave us an incredibly valuable insight into how compliance teams work across various markets and industries and what their pain points were. This knowledge helped us in building the most complete end-to-end Client Lifecycle Management solution on the market.

This is how KYC Portal (KYCP) was born and this is our story so far.

Early 2017 we submitted our idea of KYC Portal to the board of Finovate and, out of 900 applicants we were chosen as one of the top 16! 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.
By the end of 2017 we signed contracts with 18 local clients, in 2018 we signed on our first international client, a private, independently-owned bank in The Bahamas. By 2019 our client base spread throughout Europe and we started winning clients in Tier 1 and Tier 2 financial markets. During the COVID-19 pandemic, KYC Portal became a must-have product for many organisations to continue working remotely and seamlessly. 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 companies, financial services, aviation, pharmaceuticals, payment services and many more, these are all industries that needed to cope with such a challenge. Not on-boarding new clients during this pandemic was not an option for most, and on-boarding new clients without proper due diligence was too much of a risk. This is where technology and KYC Portal came in handy with its online face-to-face video interview calls and integrated biometric verification, embedded email functions for collating data along with embedded audited chat and fully recorded audio calls.
KYC Portal’s most unique selling point is its dynamic configuration engine, which gives full control to the compliance team to define and maintain their entire regulatory framework at service or product level. Allowing the team to be able to create and tailor an entire process based on the kind of risk one perceives. Be it based on a different service / product being offered or else be it due to the different jurisdiction in which the same service or product is being offered. Allowing clients to define and tweak such processes, in real-time and at service level, allows for utmost flexibility. The ability of having a real-time perception of the risk, based on the same service offered, but within different jurisdictions is indeed powerful.
KYCP’s dynamic configuration engine, attracted the attention of companies from all over the world and in various industries both regulated and not. We currently sell to over 17 countries spanning from the USA to Dubai, Mauritius, Russia, South Africa, UK and all over Europe.
What is most interesting is the fact that our 60+ clients are spread over such a vast selection of industries from banking, payment providers, corporate service providers, legal and accounting to logistics, gaming, precious metal refineries, oil and gas, taxi booking and dispatch providers and cash management services, to mention a few.
KYC Portal can be adopted by any organisation who is required to perform due diligence on their subjects, whether B2B or B2C, no matter the size of the company or industry. If the requirement is there, KYC Portal is there to help them remain compliant and keep their risk exposure under control.
To date, KYC Portal has a world-wide footprint with a solid and trustworthy reputation. Not only the fact that it is one of the best, most versatile and complete client life cycle management platforms globally but also the reputation that the team behind it has managed to garner with all its clients. A dedicated Client Relationship Management team constantly ensuring that our client’s expectations are reached and a technical team that keeps researching and delivering innovative technology. KYC Portal grew so much that it now caters for 85% of our company’s entire business. We are fully focused on keeping this level of growth both within our team as well as the R&D, leading to enhancing our product to ensure that KYC Portal remains the market leader.

Lavanya Rathnam

Lavanya Rathnam is an experienced technology, finance, and compliance writer. She combines her keen understanding of regulatory frameworks and industry best practices with exemplary writing skills to communicate complex concepts of Governance, Risk, and Compliance (GRC) in clear and accessible language. Lavanya specializes in creating informative and engaging content that educates and empowers readers to make informed decisions. She also works with different companies in the Web 3.0, blockchain, fintech, and EV industries to assess their products’ compliance with evolving regulations and standards.

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