Kyckr Limited (ASX:KYK) (Kyckr or the Company), a B2B information services company is pleased to announce its partnership with BAE Systems Applied Intelligence, a proven enterprise solution provider of advanced analytics, to jointly address anti-money laundering and compliance challenges of regulated firms by delivering accurate and efficient know-your-customer (KYC) and customer due diligence (CDD) solutions.
This partnership will empower mutual customers to benefit from Kyckr’s network of over 180 registries and 170 million entities across 120 countries.
“Competitive advantage lies in providing a frictionless customer journey - while minimizing risk,” said Peter Fisher, Product Director, BAE Systems Applied Intelligence. “Partnering with Kyckr, enables the automated screening of corporate records data within our NetReveal Customer Due Diligence solution. The result is effective investigations, better detection and ultimately, a smoother end customer experience.”
This contract validates the ever-growing demand for Kyckr’s capabilities and services supplying real-time access to company registry information as regulations have an increased demand for reliable, up-to-date KYC information. According to a study by Facts and Factors, the global KYC market was estimated at $257.23 million in 2019 and is expected to reach $1,015.36 million by 2026 and is expected to grow at a compound annual growth rate (CAGR) of 22% from 2019 to 2027.
Kyckr’s Head of Partnerships, Myles McLaren said “We are delighted to be partnering with BAE Systems Applied Intelligence to provide live registry data to their end customers, improve KYC capabilities via enhanced access to our registry network and bring the best solution to their customers. We look forward to continuing to provide leading services in KYC compliance.”