The collaboration will give Blacksmith KYC’s clients access to Kyckr’s real-time data retrieval and registry connections.
Kyckr provides access to corporate KYC and Ultimate Beneficial Owner (UBO) data from over 300 companies and primary regulated sources.
Nynke Postma, CEO of Blacksmith, said: “Our integration with Kyckr gives our clients access to real-time data from over 300 primary regulated sources. This will help them build trusted relationships with customers faster and more efficiently. On top of this, it enables them to put their KYC teams back within their strength.
“Rather than manually collecting and processing large amounts of data from various data sources, they can now focus their efforts on risk analysis. Analysts now start the process with more and higher quality data, and better insights in data and risks, drastically improving the efficiency and quality of their KYC process”, Postma added.
Kyckr is a business-to-business (B2B) information services company collecting and aggregating primary source data. The company seeks to help businesses reduce risks associated with counterparty relationships.
At the end of March, Kyckr partnered with Alloy, a leading identity decisioning platform for banks and fintech companies, providing the latter with real-time data on existing customers and suppliers.
Challenges for the KYC sector
KYC and AML procedures are becoming increasingly vital as fraud tactics evolve.
In a sector forecast published by RBI in December 2022, banking and payments experts urged companies to strengthen their anti-money laundering (AML) and KYC strategies in light of the growing risk of fraud.
“Everyone understands the risk of fraud and the importance of fraud prevention. What’s needed is education on having a document-led, database-supported approach to strengthen your AML/KYC strategy”, said Colum Lyons, CEO and founder of ID-Pal. “The honest truth is that current databases are operating off diluted data that very likely has been exposed or weakened”, he continued.
Ian Henderson, CEO of Kyckr, also welcomed the partnership with Blacksmith.
“Partnering with Blacksmith means a more integrated solution for businesses that want to verify the provenance of their customers and suppliers – while at the same time streamlining their onboarding process. There’s greater awareness today across all sectors that KYC isn’t just for regulated businesses”, Henderson said. “It’s essential to risk management and wise data-led decision making. Our API enables greater integration and automation across the RegTech industry, which is good for legitimate businesses and bad for financial criminals”, he concluded.