RegTech company PassFort has partnered with financial market data firm Refinitiv to establish a digital know-your-customer (KYC) solution for challenger institutions.
PassFort – a company that claims it helped to digitally process over 4.4 million new customer due diligence journeys from October 2020 to October 2021 – provides automated compliance and anti-financial crime solutions.
The company will use Refinitiv’s World-Check-One, which brings data for security screening to support due diligence and help reduce financial crime, corruption and bribery. Data is requested by PassFort clients in relation to new applications, with results from Refinitiv fed back into the overall case management platform. From here, compliance professionals are then able to make risk-based onboarding decisions quickly and efficiently.
PassFort CEO and co-founder Donald Gillies said, “Legacy KYC platforms can be robust when it comes to data collection, but they aren’t flexible when it comes to changing compliance processes or moving through different paths to satisfy due diligence, which is so important to our customers. The beauty of our partnership with Refinitiv is that PassFort offers case management and creates the flexible compliance workflows, while Refinitiv provides accurate, robust data, so our customers get the best digital KYC solution.”
Refinitiv customer and third-party risk business global head of strategic partnerships Emma Miller added, “Our partnership with PassFort provides a new breed of challenger institutions with access to Refinitiv’s extensive risk intelligence data through new and innovative compliance solutions designed by PassFort. Refinitiv’s open approach to working with partners allows customers to maximise their investment in our data while leveraging the latest tools and technologies from our partners, helping them to work more efficiently and manage costs more effectively.”
Earlier this year, PassFort closed its Series A round on $16.2m. The company said at the time that the funds from the round will help it accelerate its growth and bolster its position in the market.
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