Company Overview
KYC3 was founded with the vision of automating the KYC process through innovative technology. We aim to develop powerful end-to-end KYC solutions for Financial Institutions and ultimately to deliver automated, decentralized KYC.
KYC3 is not a reseller of other companies’ solutions. Instead, all software and Intellectual Property (IP) is fully developed and owned in-company.
Our Vision
KYC3 aims to vastly improve the way KYC is done for Financial Institutions worldwide. KYC3 covers all dimensions of Know Your Customer, Counterparty, and Competitor. Our core objective is to transform regulatory and reputational risk management into a competitive advantage by using the latest advances in machine learning, big data, and blockchain technology.
Due to regulatory changes which began back in December 2015 with BAFIN, and more recently with FINMA, CSSF, and others after 2016, KYC3 identified a significant opportunity to offer KYC-as-a-Service. We have been investing heavily in this capability since early 2016, and are now fully focused on this goal.
We deliver KYC-as-a-Service to clients in the form of a self-service KYC process that can be completed anywhere on a mobile device in under 5 minutes and provides Financial Institutions with complete KYC dossiers, including full regulatory and reputational risk assessment scoring from KYC3’s machine learning system. “Self-maintaining” dossiers are owned by the client, vastly reducing data protection risk for the financial institution, 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 new benefits, such as P2P trust management. Similarly, Financial Institutions will enjoy a solid risk management solution with transparent access for regulators. Overall, the solution delivers substantial time and cost savings while significantly improving the experience for the consumer, the Financial Institution, and the regulator.
Our KYCaaS solution has 3 components:
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.
A dossier management system that keeps track of users’ KYC dossiers and makes them easily available across even the most distributed institution.
An automated screening solution that uses AI technology to scan the text and analyze the risk associated with certain entities.
Company Achievements and Direction
KYC3 was founded in 2014, and quickly won an Innovative Research and Development Programme Grant from the Ministry of Economy of Luxembourg shortly after founding in order to facilitate further R&D based on our pre-incorporation tech development work that had started back in 2010.
KYC3 Pro has been available commercially since March 2015. Over the course of 2015, KYC3 developed its product offerings and commercial contracts for enterprise clients, being honored as a first cohort winner among more than 170 companies for the Fintech Fusion 1-year incubation program in October 2015.
Since 2016, we have offered API access and bespoke deployments that take full advantage of our advanced screening capabilities. In March 2016, KYC3 was selected as an innovation partner by BNP Paribas Wealth Management through a program organized by L’Atelier by BNP Paribas in Paris. From 142 international companies, KYC3 was chosen along with 7 other companies to innovate and develop new business opportunities with the BNP Paribas Group.
In November 2016, KYC3 became a founding member of the Infrachain initiative led by the Luxembourg Ministry of State whose goal is to deliver a common regulatory-compliant blockchain infrastructure to the EU/SEPA financial marketplace. Jed Grant, KYC3 CEO, is also a board member of this initiative.
Today, the company develops and improves 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. We also develop next-generation end-to-end identity management on distributed blockchains and mobile platforms with our partner, Peer Mountain.
