Top 20 KYC Solution Providers 2022

Embracing the digital transformation of the KYC

KYC is a standard requirement globally within the investment industry. It’s a process from industry regulatory bodies to protect all stakeholders within the industry, and it’s in the best business interest of any investment firm or investor, especially if there is a lot of money at stake. In a nutshell, it is the process of identifying who your investors are and their wealth status, verifying the sources of the customer’s funds (if they are legitimate or not) and requiring detailed anti-money laundering (AML) information from the customers. Getting detailed information about customers protects both parties in a business transaction and relationship. KYC serves an important purpose in providing superior service, preventing liability, and avoiding associations with money laundering and other types of fraud. 

We hope this edition adds value to your KYC initiatives.

The goal is to prevent fraud, tax evasion, terrorism financing, and other financial crimes. With a proper understanding of customers and their financial dealings, service providers can reject applicants with questionable or shady profiles. From there, they can more easily monitor their clients’ activities and manage risk.  KYC is an important tool as it looks after the financial bodies and keeps illegal activities in check. Many non-individual customers use financial services like trading and mutual fund investments. With KYC, banks have the right to verify that entity’s legal status, including cross-checking customers’ operating addresses and verifying the identities of their beneficial owners and authorized signatories.

Additionally, the KYC process also requires the nature of employment as well as the business carried out by the customer, which is useful in verifying the authenticity of an individual and/or company. The KYC process is important to prevent fraud and other illegal financial activities. KYC helps financial institutions avoid being used in money laundering activities without their knowledge. The KYC process also helps companies that offer services such as stock brokerage, mutual fund investments, etc. KYC allows banks and financial institutions to verify the legal status of a company, its owners, and its authorized signatories. It also helps verify the authenticity of individuals and financial companies.

As the KYC solution is flooded with numerous solution providers offering cutting-edge and innovative solutions, businesses are finding it difficult to find the right solution that precisely meets their needs. That’s why we’ve developed this special edition for KYC solution providers. The companies listed below were selected by our team of industry veterans, including CEOs and CTOs, and our editorial panel, which includes our editors and researchers.

1Account

Management: Ben Keirle

Designation: CEO

Headquarters: UK

Website: 1account.net

1account offers real-time validation of the customers’ data via its connection to multiple third-party data sources.1account's suite of products provides the infrastructure for faster customer journeys and increased sales while staying compliant.

Creditro

Management: Jacob Tinsfeldt

Designation: MD

Headquarters: Esbjerg, Denmark

Website: creditro.com

Creating a world without fraud, Using real-time data and predictive analytics tools, we are stopping fraud, money laundering, and debtor loss, giving early warnings about bankruptcies and making accurate credit ratings for tomorrow. At Visma Creditro, we seek out and protect businesses from the “bad guys"—whether you are a small business owner or a big corporation.

Feedzai

Management: Nuno Sebastiao

Designation: Co-Founder & CEO

Headquarters: San Mateo, CA

Website: feedzai.com

Feedzai is the market leader in fighting financial crime with AI. We’re coding the future of commerce with today’s most advanced risk management platform powered by big data and machine learning.

Fenergo

Management: Marc Murphy

Designation: CEO

Headquarters: Ireland

Website: fenergo.com

Fenergo enables financial institutions to accelerate business growth through innovation, community and data intelligence. We act as a bridge between financial institutions and their clients and customers, transforming the overall client experience. We help our clients feel safe by continuously monitoring risks and ensuring regulatory compliance.

Fractal

Management: Julian Leitloff

Designation: Co-Founder & CEO

Headquarters: Germany

Website: fractal.id

Fractal is an identity verification platform, ranging from human uniqueness for sybil-resistance to KYC/AML for regulatory compliance. Fractal provides decentralized identity solutions for Web3 users and chains ensuring trustless systems and empowering users to exchange their data in a privacy-preserving way.

Fugu

Management: Amir Sadras

Designation: Founder

Headquarters: Israel

Website: fugu-it.com

Around 20% of eCommerce transactions are abandoned or declined at the payment phase, mostly because there is not enough information to validate them at the Point of sale. FUGU takes a different approach, analyzing the payer behavior post–payment and making the most informed decision only when actual risk starts, before shipment, for example. With over 80 online stores already using FUGU - we see a 40% reduction in false declines while identifying 50% of fraud, previously allowed in.

iComply

Management: Matthew Unger

Designation: CEO

Headquarters: Vancouver, CO

Website: icomplyis.com

iComply is a regulatory technology company focused on making financial markets more robust, secure, and efficient. Our mission is to improve the user experience of compliance for all counterparties in every transaction.

Jumio

Management: Robert E. Prigge

Designation: CEO

Headquarters: Palo Alto, CA

Website: jumio.com

Jumio protects the ecosystems of businesses through the Jumio KYX Platform, a unified, end-to-end identity verification and KYC platform offering a range of identity proofing services to accurately establish, maintain and reassert trust from account opening to ongoing transaction monitoring. Customers, users, patients, employees … whoever the “X” is in your business, the Jumio KYX Platform delivers the assurance you need to know, then trust.

KwikTrust

Management: Simon Read

Designation: CEO

Headquarters: UK

Website: kwiktrust.com

KwikTrust has developed an e-signature and file storage platform and the patent-pending SuperNFT, a more secure form of NFT that incorporates provenance and the owner's validated identity. The technology opens up new asset classes to NFTs including financial assets, stocks, and shares, insurance plus physical and digital assets.

NameScan

Management: Bahram Boutorabi

Designation: Founder

Headquarters: Australia

Website: Namescan.io

NameScan is a Pay-As-You-Go Risk Management solution provider with a variety of AML, KYB, and KYC screening solutions. We help streamline your risk compliance process through PEP and Sanction checks, Adverse Media checks, ID Veridiction, and more. Our cost-effective solutions offer global coverage, streamline customer onboarding, and the ability to identify risks to your business in real-time.

Norbloc

Management: Astyanax Kanakakis

Designation: Co-Founder & CEO

Headquarters: Sweden

Website: Norbloc.com

At norbloc, we’re serious about redefining how customer data is handled and shared, making the lives of businesses, individuals, financial institutions, and governments simpler. We want our clients to view KYC as an asset versus a liability – an opportunity to build better relationships with their customers. To get there we’re building a team that moves fast, with purpose, and above all, with our customers top of our mind.

SecureAuth

Management: Jeffrey Kukowski

Designation: CEO

Headquarters: Irvine, CA

Website: secureauth.com

SecureAuth is a leading next-gen access management and authentication company that enables the most secure and passwordless, continuous authentication experience for employees, partners, and customers. Arculix™ by SecureAuth is the only solution that can be deployed in the cloud, on-premises, or hybrid. environments, SecureAuth manages and protects access to applications, systems, and data at scale, anywhere in the world.

SmartSearch

Management: Guy Harrison

Designation: CEO

Headquarters: UK

Website: smartsearch.com

SmartSearch is an online provider of Anti-Money Laundering verification services. Its multi Award winning SmartSearch Anti Money Laundering (AML) verification service is the first system to bring together both Business and Individual AML verification on a single platform. The SmartSearch process is fully compliant with all the Regulating Bodies in the UK and delivers Business checks in less than 3 minutes and Individual checks in circa 3 seconds; inclusive of all Sanction & PEP checking.

Sumsub

Management: Andrew Sever

Designation: CEO

Headquarters: Cyprus

Website: sumsub.com

Sumsub is an all-in-one verification platform that secures every step of the customer journey. With Sumsub’s customizable KYC, KYB, KYT, and AML solutions, you can orchestrate your verification process, welcome more customers worldwide, speed up onboarding, reduce costs and steer clear of digital fraud.

Synapse

Management: Sankaet Pathak

Designation: Founder & CEO

Headquarters: San Francisco, CA

Website: synapsefi.com

SynapseFI is a banking platform that enables companies to provide financial products to their customers for a fraction of the cost of traditional banks. The company provides payment, deposit, and lending. and investment products as APIs to FinTech companies who build and launch their financial innovations on top of their banking infrastructure. They help fintech companies work together to develop the technology.

Trulioo

Management: Steve Munford

Designation: CEO

Headquarters: Vancouver, CA

Website: trulioo.com

Trulioo is a RegTech company. We build and connect digital identity networks around the globe, and this framework of trust empowers businesses to assess the various risks associated with digital identities

UGR Consulting

Management: Hourad Afsar

Designation: Founder & CEO

Headquarters: Princeton, NJ

Website: ugr-consulting.com

Our platform connects companies with top Next-Gen Compliance Subject Matter Experts (SMEs) and top-tier RegTech solutions to cover the full spectrum of compliance risk in multiple jurisdictions. We give access to the best SMEs in the industry on matters intersecting Compliance, AML, KYC, FinTech, RegTech, Blockchain, and Cryptocurrencies.

Uqudo

Management: Mohamed Fagiri

Designation: Founder & CEO

Headquarters: UK

Website: uqudo.com

uqudo’s mission is to develop cross-border and cross-industry digital ecosystems where the user is in control of their data. Building an inclusive, trustworthy, and sustainable internet of everything for all people and the planet, uqudo is aligned with the United Nation’s Sustainability Development goals to provide legal identity for all.

Veridas

Management: Eduardo Azanza

Designation: Founder & CEO

Headquarters: Santa Clara, CA

Website: veridas.com

Veridas is a computer software company that specializes in the fields of artificial intelligence, document authentication, and biometrics. Its technologies are designed as a SaaS model, can be combined modularly in any way to combat fraud, increase security, and improve user experience.

Vikartech

Management: Glenn Bolstad

Designation: CEO

Headquarters: New York, NY

Website: vikartech.com

We provide people-centric innovation to reinvent your business for the digital age. . We apply our design thinking to business models, processes, systems and user interactions to improve your customers and employees experiences.

Vital4

Management: Kristin L. Stafford

Designation: Founder & CEO

Headquarters: Atlanta, GA

Website: vital4.net

Vital4 is determined to make due diligence smart, light touch, automated and more powerful than anything else out there. They are committed to harnessing technology to drive costs down and deliver unsurpassed results —results that let anyone concerned about compliance sleep better at night.

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