Dublin, 16 March 2021 – Crosscard has selected award-winning RegTech provider Know Your Customer to digitise, centralise and streamline its corporate KYC and onboarding process.
Crosscard is a leader in European digital issuing solutions and offers payment products that put a business in control of how, where and when they spend money within their business. With more than eight years of experience in the card issuing space, the business has deep expertise in delivering advanced digital payments products to diverse customer sectors all across Europe. Crosscard is a reliable partner and holds an e-money licence awarded by the Luxembourg-based CSSF and is a principal member of Mastercard.
By selecting Know Your Customer, Crosscard is able to centralise and streamline all corporate KYC or Know Your Business (KYB) operations for its hundreds of corporate customers purchasing Crosscard’s business products to easily, securely, and cost-effectively manage their finances. By utilising both virtual and physical cards, Crosscard enables organisations to manage budgets efficiently and control company expenses in one go.
The Know Your Customer back-end compliance platform now provides Crosscard with a direct connection to official company registries, official document retrieval in real time, instant identification of Ultimate Beneficial Owners (UBOs) and multiple outreach tools for ID verification of clients’ shareholders to achieve a fully compliant and highly customer-friendly onboarding experience for its vast range of European customers.
Established in 2015, Know Your Customer provides next generation digital onboarding solutions to financial institutions and FinTech organisations around the world. Specialised in corporate KYC automation through live connections to company registries, the company offers an end-to-end case management solution to centralise the pillars of client onboarding, including document collection, data extraction and assessment, on-going monitoring, and reporting.
John Gavin, Chief Operating Officer at Crosscard, commented:
“The traditional approach to business verification of corporate clients has too often overlooked the importance of providing a fully digital and seamless customer experience. Through RegTech innovation, we can address the issue while reinforcing the strength of our compliance processes. Know Your Customer’s solutions will play a pivotal role in our strategy to streamline, centralise and accelerate the onboarding process for our corporate clients”.
Claus Christensen, CEO & Co-Founder of Know Your Customer, added:
“As the European Union continues to make the fight against money laundering a key priority for its member states, having solid RegTech solutions like Know Your Customer in place will be of vital support to sustain the growth of FinTech companies and ensure on-going compliance across jurisdictions. Being a long-established organisation with a solid track record in the payments and digital issuing space, Crosscard is a key player on the European FinTech scene, and we look forward to supporting their current and future growth”.
About Know Your Customer
Established in 2015, Know Your Customer provides next generation digital onboarding solutions to organisations around the world. Our award-winning technology is setting a new standard in the space of Anti-Money Laundering, Corporate KYC and ID Verification. Know Your Customer empowers compliance teams to efficiently perform all necessary KYC and AML checks on customers, centralising the onboarding process through a uniquely intuitive and easy-to-use platform. This technology accelerates the time needed to onboard a new corporate client from an industry average of 26 days to 1 day, reducing compliance teams’ manual work by up to 85%.
With offices in Dublin, Hong Kong, Singapore, and Shanghai, Know Your Customer has quickly established a global presence and a reputation for excellence. Our customer list spans across 11 verticals – including banking, FinTech, insurance, payments, real estate, asset management, legal firms – and 18 jurisdictions.
Crosscard is a leader in European digital issuing solutions, offering products across the B2B & B2C sectors. The business has deep expertise in delivering digital payments products to diverse customer sectors all across Europe. In 2019, Crosscard S.A. was formed as the business separated from the PPRO group to fully focus on the B2B issuing market. Crosscard’s business products are an easy, secure, and cost-effective way for companies to manage their finances. By utilising both virtual and physical card accounts, Crosscard enables customers to manage budgets efficiently and control company expenses in one go.