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iComply digital identity platform chosen for Thomson Reuters Marketplace launch

Signicat introduces onboarding compliance automation tool

digital identity KYC security

Regulatory technology firm iComply has been chosen as a digital identity compliance launch partner for Thomson Reuters’ new Marketplace.

The new online store sells solutions designed to help increase ROI and expand the value of existing technology investments.

The partnership with iComply will now see the company sell its biometric know your customer (KYC), anti-money laundering (AML), and digital identity access management (IAM) solutions on the Marketplace.

“With the pandemic driving business more online, financial processes that used to require face-to-face interaction are becoming digital,” commented iComply CEO Matthew Unger. “The internet was developed to transfer information and so the policies of user identification and identity access management have followed internet industry standards.”

According to Unger, as an increasing number of banks digitize, and major tech companies start offering financial services, these internet standards are not always compliant with regulatory requirements.

“iComplyKYC solves this by combining ‘banking grade’ KYC portals with your existing identity access management, single sign-on, or digital identity management solutions,” Unger explained.

In addition, the company’s solution uses edge computing and artificial intelligence to process sensitive user data locally, thus helping organizations comply with local data privacy laws across jurisdictions.

iComply’s partnership with Thomson Reuters follows one with Microsoft the company entered last April to supply biometrics for KYC and AML compliance through the tech giant’s partners.

More recently, iComply has been listed on the Financial Industry Regulatory Authority (FINRA) Compliance Vendor Directory, and has updated its platform to support on-device biometric authentication.

Signicat launches regulatory automation solution

A new end-to-end solution for automating KYC and AML compliance checks during customer onboarding has been introduced by Signicat.

The solution leverages Signicat’s Digital Identity Platform, and is designed to integrate with existing workflows to eliminate all manual KYC and AML checks, including address verification and checks against sanctions and Politically Exposed Persons (PEP) lists. For onboarding businesses, Ultimate Beneficiary Owners (UBO) checks are included in the automated workflow, the company says.

“Digital onboarding is a balancing act between customer due diligence, cost and user experience,” said Signicat CEO Asger Hattel. “Consumers no longer accept semi-digital processes, but there are few bespoke solutions that cater for a fully digital onboarding process. With business onboarding, AML-compliant onboarding is even more complex as ownership structures can be complex and simply opening a bank account for a business is still often a manual task even in the most digitally mature markets such as the Nordics.”

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