Australia-based regulatory technology company Kyckr extended partnership with Citigroup, to now also include the bank’s commercial banking unit.
Under the extended services deal, Kyckr will now also provide its client verification platform to Citi Commercial Bank. Kyckr first teamed up with Citigroup in 2016.
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Kyckr’s customer verification platform is said to be one of the largest portals for customer verification globally.
The portal will offer the bank access company intelligence on more than 170 million legal entities across 120 countries.
Kyckr’s API solution will give Citi Commercial Bank access to real-time primary source data and documents during the customer verification stage.
The data traffic has already commenced, and the company hopes to expand its enterprise division through its latest extension of services with CCB.
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By GlobalDataKyckr also supplies its API and portal solutions to Citi’s Institutional Clients Group (ICG) and Trade and Transaction Services (TTS) for customer onboarding.
Kyckr CEO Ian Henderson said: “The fact that the Kyckr technology has been embedded into a number of core divisions of Citi, reaffirms the strength, reliability and importance of our solution, bringing speed and accuracy to regulatory compliance checks.
“Onboarding new clients when opening a bank account is the first stage in customer verification, involving gathering vital information on the customer and conducting identity checks to comply with Know-Your-Customer regulations.”
Citi’s commercial banking arm intends to use Kyckr’s technology in 15 countries where it has operations.
