Kyckr Limited (ASX:KYK) (Kyckr or the Company), a regulatory technology company, is pleased to announce it has signed a reseller agreement with leading information services provider illion Australia Pty Ltd (‘illion’).
illion is a leading provider of data and analytics products and services in Australasia. The firm leverages its consumer and commercial credit registries, which comprise data on over 25 million individuals and over 2.5 million active companies.
Under the agreement, illion will have the ability to resell Kyckr’s market-leading technology and solutions to new and existing customers across the ANZ region. Kyckr’s Verify & Validate and Company Watch solutions will complement illion’s existing propositions, adding enhanced functionality through data cleansing, remediation and ongoing customer monitoring from over 200 global registries.
In addition, the Kyckr API will integrate into illion’s Decision Engine API and partner Ultimate Beneficial Owner (UBO) platform, Simple KYC.
illion currently delivers data and analytics services to major and mid-tier banks across a broad range of sectors, and coupled with Kyckr’s unique technology, the agreement will aim to accelerate collaboration within these sectors.
Global high-profile incidents have led regulators from across the world to improve Know Your Customer (KYC) and Anti-Money Laundering policies. The total market for KYC solutions is growing and is expected to reach $16.4 billion in 2023 . Kyckr has one of the largest platforms for Know Your Customer (KYC) and Anti Money Laundering (AML) data globally with over 200 registries, providing company registry information on over 170 million businesses, and ensure clients receive real-time client verification to prevent money laundering and financial crime.
The agreement comes off the recent launch of the new Kyckr online platform www.kyckr.com which provides enhanced functionality for customer verification, improving the overall customer experience.
Simon Bligh, chief executive officer of illion, commented: “We are excited by this opportunity to integrate Kyckr’s global legally authoritative KYC information with illion’s leading Australian and New Zealand data sets, automated decisioning and visualisation solutions. In so doing, we will expand the capability of our existing class leading AML/KYC digitised on boarding and ongoing customer due diligence solutions to automatically assess global ownership structures.”
Kyckr chief executive officer, Ian Henderson commented: “We are incredibly pleased to be working with illion, a leading data registries and analytics player, holding Australia’s richest source of commercial and consumer information.
“The agreement aligns with our focus to create relationships encompassing global data providers and commercial credit bureaus, enabling us to fast track our exposure to new customers and revenue growth channels.
“Accessing legally authoritative Know-Your-Customer information direct from registries offers firms an effective process for customer verification to help prevent money laundering and financial crime. The agreement is strong validation from illion and reinforces us as a trusted provider for global registry information. We believe this agreement will present opportunities to expand our footprint even further.”