KYC3's vision and history
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KYC3's vision and history

Tuesday, April 9, 2019 1:20 AM
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LUXEMBOURG / ACCESSWIRE / April 9, 2019 / Back in 2013, we started KYC3 with the vision of automating the KYC process through innovative technology. KYC can be an arduous, though necessary process, but we believed that by leveraging the very latest developments in what were then still visionary technologies like blockchain, we could develop powerful end-to-end KYC solutions for Financial Institutions and ultimately deliver an automated, decentralized KYC process.

Our vision and innovation soon got us attention. Unlike our competition, KYC3 is not a reseller of other companies' solutions. Instead, we fully develop all of our software and Intellectual Property (IP) in-house. Thanks to this, KYC3 was awarded the Innovative Research and Development Programme Grant from Luxembourg's Ministry of Economy shortly after founding. This grant, which facilitated further R&D based on our early development work, recognized the innovation that we had already started back in 2010 before we incorporated the company.

In early 2015 we launched KYC3 Pro, and spent the remainder of the year developing and tuning our products and commercial contacts for enterprise clients. The resulting work was also award winning, and in October, 2015 KYC3 was honored among 170 companies by being selected for the Fintech Fusion 1-year incubation program.

When the company first started, the KYC3 team was focused primarily on data mining and analysis solutions. But in December 2015, regulatory changes at BAFIN, and shortly after FINMA, CSSF, an others, highlighted a significant opportunity to offer better KYC services that took advantage of new technologies to automate and decentralize the process. Since then, we have been investing heavily in this capabilities and are now fully focused on this goal.

Our Partners

2016 was a big year for us. Thanks to our technical innovation and flexibility, we started offering API access and our advanced screening capabilities in bespoke deployments. In March of the same year, KYC3 was selected as an innovation partner by BNP Paribas Wealth Management through a program organized by L'Atelier by BNP Paribas in Paris. Out of 142 international entries, KYC3 was chosen along with 7 other companies to innovate and develop new business opportunities with the BNP Paribas Group.

Then, in November of 2016, KYC3 became a founding member of the Infrachain initiative led by the Luxembourg Ministry of State. Infrachain's goal is to deliver a common regulatory-compliant blockchain infrastructure for the EU/SEPA financial marketplace. KYC3 CEO Jed Grant is also a board member of this important initiative.

This experience was just the start of our work with blockchain, which we are integrating deeper into our offerings thanks to its unparalleled security and decentralization features. While we are continuing to develop and improve the client onboarding API, SDKs and enterprise KYC3Box, as well as the intelligent extraction engine that lies at the core of KYC3`s screening technology, our most exciting work is developing next generation, end-to-end identity management on distributed blockchains and mobile platforms in partnership with Peer Mountain.

What We Do

Very simply, our goal is to vastly improve the way KYC is done for Financial Institutions worldwide. KYC3's name comes from the solutions we offer to cover all 3 C's of Risk Management: Know Your Customer, Counterparty, and Competitor, hence KYC3. Risk management is a vital, and legally required, process for most companies, but the way it is typically done today is outdated and ripe for improvement. Our core objective is to transform both regulatory and reputational risk management into a competitive advantage by using the very latest advances in machine learning, big data, and blockchain technology.

Our Services

We deliver highly automated KYC services to clients in the form of a self-service KYC process that can be completed anywhere on a mobile device in under 5 minutes. This simple process provides Financial Institutions with complete KYC dossiers, including full regulatory and reputational risk assessment scoring from KYC3's machine learning system. These "self-maintaining" dossiers are owned by the client, vastly reducing data protection risk for Financial Institutions, and can be accessed and updated by the client at any time. This provides a much better user experience for the end customer who enjoys friendly update reminders and other new benefits, such as Peer-to-Peer (P2P) trust management. In addition to these end-user benefits, Financial Institutions will also enjoy a solid risk management solution with transparent access for regulators.

Overall, our solution delivers substantial time and cost savings while delivering a vastly improved experience for the consumer, the Financial Institution, and the regulator.

Our decentralized, self-sovereign KYC solution has 3 components:

  1. A client onboarding application built for both web and mobile devices that can put ownership and management of the personal dossier back in the hands of the end customer, while still guaranteeing security and access for the Financial Institution and regulator.
  2. A dossier management system that keeps track of users' KYC dossiers and makes them easily available across even the most distributed institution.
  3. An automated screening solution that uses AI technology to scan the text and analyze risk associated with certain entities.

Over the past few years, KYC3 has proven itself to be an innovative and forward thinking team who have recognized market gaps and next-gen tech that can improve the trust, security, and knowledge gained from risk management. Thanks to cutting edge technologies like blockchain, we are able to offer both clients and end-users an automated, self-sovereign KYC process that saves them time, money, and hassle. By developing all of our products in-house, we have been able to maximise innovation and flexibility, characteristics that institutions have recognized and awarded us for. KYC3 is just getting started, and through continuous development of technologies like blockchain and partnerships like Peer Mountain, we are looking forward to continuing our lead in KYC innovation.

Media Contact :

Name : Jed Grant

Company : KYC3

Email : [email protected]

Phone : +352 26203761


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