The acquisition is a further example of Equiniti’s growth strategy of integrating scalable technology platforms to provide regulation driven non-discretionary services to some of the leading businesses in the UK. Equiniti will benefit from the broad applicability of KYC technology to all anti-money laundering applications, creating cross selling opportunities to existing clients in sectors such as travel, retail, utilities and financial services.
KYCnet’s flagship product is KYC Passport, an enterprise workflow management platform for retail and B2B customer on-boarding and due-diligence. KYCnet was the first company to adopt a ‘KYC as a service’ model, and has eight years of operating exclusively in the KYC sector, deep domain knowledge and experience of working with leading financial institutions and banks across Europe.
Tighter regulatory requirements, particularly in financial services, has caused companies to review and rapidly amend their KYC processes and capabilities. In doing so, many are finding that their new processes have created barriers to servicing and growing their customer base, and have discovered that their existing customer data often fails to meet regulatory standards. This acquisition ideally positions Equiniti to assist financial services clients that have a KYC need in addressing these challenges.
Guy Wakeley, Chief Executive of Equiniti, said: “We are delighted to be acquiring KYCnet – an innovative FinTech business which will help our customers reduce regulatory risk and improve their operational efficiency. Existing clients have already enquired about our KYC capabilities and KYCnet presents excellent cross-selling opportunities. This is a good example of the progress we continue to make in enhancing the range of services we offer clients and driving growth through high quality acquisitions.”
Patrick Ryan, CEO, KYCnet added: “Joining the Equiniti Group will bring significant benefits to existing and new clients, greatly supporting our growth momentum and potential. Equiniti's reputation, size, experienced team and global sourcing capability will allow us to scale up to meet our clients ever growing demands. Furthermore, Equiniti, like KYCnet, firmly believes in intelligent and technology driven solutions - a great fit."
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Notes to Editors
Equiniti is a specialist outsourcer delivering technology-enabled solutions to large enterprises. It processes £90bn in payments every year, handles 88 million documents and pays 20 per cent of pensioners in the UK. We are acknowledged leaders in many of our markets and keep things running smoothly for some of the UK's best-known brands and public sector organisations.
At KYCnet, our business is to meet your requirements. We provide customer compliance consulting, outsourced operational support services and systems that enable our customers to completely, quickly and cost-effectively meet their compliance and regulatory obligations while smoothening and speeding-up their customer acquisition and retention processes. Our unique combination of finance industry compliance experience, advanced automation and global staffing model ensures customer satisfaction. Our industry-best-practice rule-books and processes, reporting dashboards and auditability bring a new level of transparency to compliance. Our Agile, Lean and Six-Sigma approach to our packaged services drive a rapid and iterative implementation of solutions.