Regtech company Kyckr, which first partnered with its client Citigroup in 2016, has extended its relationship with the bank. Kyckr announced today that it will now provide Citi Commercial Bank with its client verification platform.
Kyckr’s verification platform has information on more than 200 company registries and 170+ million legal entities across 120 countries. Citi Commercial Bank will use the company’s API to verify business information using documents that detail ownership and control, financials, solvency, and more when onboarding new commercial clients.
“Onboarding new clients when opening a bank account is the first stage in customer verification, involving gathering vital information on the customer and conducting identity checks to comply with Know-Your-Customer regulations,” said Kyckr CEO Ian Henderson. “More and more businesses are looking into automated and accurate means of adhering to Anti Money Laundering and Know Your Customer obligations to prevent fraud, and this is where our technology is well positioned in the market.”
Along with Citi Commercial Bank, Kyckr also serves Citi’s Institutional Clients Group (ICG) and Trade and Transaction Services (TTS) with its corporate data solutions.
Kyckr has provided APIs and cloud-based automated decision engines to help companies with KYC compliance, due diligence, and customer onboarding since it was founded in 2007. The Australia-based company is listed on the ASX under the ticker KYK and has a market capitalization of $10.85 million (AUD $16.9 million). Since going public, Kyckr has raised $11 million in post-IPO equity.
In addition to Citigroup, Kyckr’s clients include DemystData, the Bank of Ireland, and others.