- Regulators are demanding more robust AML/KYC systems and processes. Non-compliance has led to a 26% year-on-year global increase in fines, while reputational damage and loss of customer trust represents an even more serious intangible risk.
- The global market for anti-money laundering/know your customer (AML/KYC) software products is worth around $7.5 billion and growing at around 14% year-on-year, with the covid pandemic rapidly accelerating the need for software tools that help to onboard customers quickly, safely, securely and remotely.
- APLYiD offers a digital, end-to-end digital identity verification process that combines all the checks necessary to meet stringent legislative requirements. At the users’ end, compelling UX means the whole process takes only a few minutes, with results provided in real time.
- The product draws on cutting-edge technology, including biometrics and optical character recognition, and trusted third-party data sources, including government datasets, to ensure maximum pass rates, while maintaining top quality security and assurance. APLYiD has an established customer base of 350 organisations, spanning a range of sectors, with a focus on small and medium sized businesses, to whom it offers access to technology typically reserved for tier one banks.
- With UK expansion now in motion, strong established relationships with third party data and tech suppliers, and a product that offers seamless customer experience, we think APLYiD represents an exciting player in this crucial – and growing – space.