Thank you, Warren, for setting the scene on what W2 is all about. It is safe to say the Regtech market loves an acronym, so it’s over to me to enlighten you on their meanings. Know Your Customer, otherwise known as KYC, is a tool that more and more businesses are adopting to ensure the ease of their customer onboarding, and the accuracy of who the people are that are being onboarded. Within sectors such as financial services, gaming and cryptocurrency, there is an increasing need for Know Your Customer.
A Know Your Customer (KYC) check is an essential element of onboarding new customers for regulated businesses and ensures the ease and efficiency of that journey. W2 provide value by having a multi-source stream of information, ensuring that whenever a business needs to onboard a customer and perform a KYC check, it is done so using real-time, reliable, relevant and consistent data.
KYC within the onboarding journey, it is a lot more important than just a ‘nice to have’. Customer Due Diligence is a legal requirement and means taking steps to identify your customers and confirm they are who they say they are, usually by matching their details with 2 independent data sources often referred to as 2+2. In the modern, global world that we live in, performing KYC checks and ‘Knowing Your Customer’ is now a vital requirement for Fraud Prevention and Anti-Money Laundering (AML).
Through a simple to use portal, W2 enable clients to perform comprehensive checks on individuals in real-time, meaning that as soon as the check is requested, the data is automatically sourced and presented to the business through our award-winning single, streamlined API. W2 provides actionable data before you choose to welcome new customers aboard, resulting in your business being fully confident in satisfying regulatory requirements and obtaining a full knowledge on who your business decides to onboard.