Cardiff based technology provider W2 has today announced a strategic partnership with kompany that will allow their client base to access the RegTech’s latest KYB (Know Your Business) offering, including global UBO (Ultimate Beneficial Owner) data, via their award-winning compliance platform.
W2’s partnership with kompany will ensure that W2’s range of clients across regulated industries have access to real-time, accurate, and audit-proof entity information directly from the primary source. The partnership will not only allow W2 clients to reduce manual and time consuming KYB processes but will further empower W2 to enable a truly seamless onboarding journey.
“Partnering with kompany is a critical strategic development for W2. Having the ability to offer our clients access to company filings and real-time business information allows for more streamlined compliance with the 5th and 6th Anti-Money Laundering Directives and ensures that the effectiveness and efficiency of the digital onboarding journey is enhanced.” commented Warren Russell, CEO & Founder of W2.
The partnership will provide information on shareholders as well as annual and financial accounts direct from official commercial registers worldwide using kompany’s extended service. This will enable W2’s clients to comply with regulations with the most up-to-date and accurate information available.
Russell E. Perry, CEO and Co-founder of kompany said, “Despite reports indicating that the global KYB market will be valued at close to USD 12 billion by next year, we estimate that currently only 5% of financial institutions have an automated B2B or corporate banking onboarding journey. In fact, nearly 75% of these businesses are still relying on Google searches to complete their customer due diligence. We are excited to bring our RegTech platform to W2 and empower their clients to get the best value out of their compliance procedures with the greatest ease and confidence possible.”