Finch Global, Europe’s leading innovator in the anti-money laundering and know your customer services sector, has signed a new technology partnership agreement with Heliocor, a company specialising in AI enabled real-time, ID authentication, transaction monitoring, alerting and reporting for regulated industries.
The partnership announcement comes as the financial services sector and other regulated industries address the challenges of the post-Covid 19 world. It has become a necessity for regulated businesses to urgently find a new, more efficient, and secure way to onboard new customers and re-energise their existing customer base. They also need to add value to their existing customer relationships. In partnership with Heliocor, Finch Global aims to do that by creating a shared service that makes it easier to take out financial products, decreases time and resources spent on compliance and the risk in the banking system and other regulated sectors.
Adrian Cannon, a founder of Finch Global and CEO of Omnio Group, a UK based fintech said, “Finch Global was set up to address a very specific and critical issue: the inefficiency experienced by individuals, businesses and regulated service providers when signing-up for and maintaining access to services that require KYC, KYB and AML checks. This partnership with Heliocor is a highly significant step in our plan. We aim to curate a set of digital credentials that can be securely stored and kept up to date for sharing now, and in the future as evidence of corporate and personal identity.
By improving both the effectiveness of KYC–AML processes and operational efficiency, Finch Global, using the power and agility of Heliocor’s technology, can do away with the inefficient, repetitive, paper trail of the existing Know-Your-Customer, Know-Your-Busines and anti-money laundering checks. Finch Global makes it easier and more efficient for businesses, both large and small to do that and creates an opportunity for their existing regulated service provider to help them by acting as their “digital chaperone,” concluded Cannon.
Commenting on the partnership Owen Hall, CEO of Heliocor said; “Using a combination of our Robolitics and Dokstor technology platforms, Finch will be able to identify, validate and then authenticate just who and what your business is dealing with, thereby speeding up and simplifying the on-boarding of customers, partners or employees. At the same time Finch customers can benefit from a real-time, transaction monitoring, alerting, and reporting platform designed to meet the most demanding anti-fraud and financial crime requirements.
“The heart of Heliocor’s business is a deep knowledge of the regulatory habitat across a number of industries. This knowledge has been acquired the hard way as in the last 15 years we have been entrusted with the responsibility of meeting the requirements of some of the most demanding regulatory environments. We now need a global eco-system of KYC validation not stand-alone islands and I believe that Finch will be an integral of that solution,” concluded Hall.
Finch is especially keen on working with Merchant Acquirers that support a wide variety of businesses and sole traders so that they can become their Digital Chaperone. Eventually Finch will benefit any regulated business that spends time and effort on-boarding new customers and serving large numbers of current customers.
Is your business working towards re-energising its customer base? Share your views with us on regulatory ID validation: @BritonianHQ