KYB used to be a nice-to-have. Now it is a must-have in the fintech industry

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Full transcript of this episode is available here.

If you’ve been working in the financial services space, especially in the technology side of it, you’ve come across the terms, KYC, know your customer, AML, anti-money laundering, and of course, ID & V, which is identity and verification. These things are extremely important, especially now in the age of remote work and remote connection, when we don’t necessarily get to see people live and we want to verify that they really are, who they say they are. How can W2 help you with that? Here is a sneak peek of our podcast insights.

Differentiation from the competitors

“I think the things we might do differently from some of the names you might know out there is just pulling it all together in one spot. I think, drivers both in the payments and any heavily regulated sector, it’s about less suppliers, not more, more streamlined approach to it, the scalability and sustainability of your business.“

KYB (Know Your Business) as a new boom in the industry

“Oh, I think one of the biggest changes we’ve seen over the last 6 to 12 months is all around KYB. Everybody knows, know your customer KYC. The fist money laundering directors are essentially around the ultimate beneficial owners.

The focus there is all around the business and that’s become front and center. So thankfully, we’ve just beefed up our offering and that, because it’s one of those things over the last couple of years that people thought was a nice to have. Now it’s becoming absolutely business critical. So for us, that’s a really important part of adding that into the offering.“

Global reach

“We are focused on where our customers are focused and one of the recurring themes coming out of the Pay360 event was where growth is going to come from.“

Would you like to know more about how their business model is changing, how people require more international service than ever before, and generally talks about some of the ways they’ve helped their customers. Then sit back, relax and listen to our podcast episode.

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‘Banking on Air’ is the official Vacuumlabs podcast covering the challenges, opportunities, perspectives and opinions that matter to you and to our community. In this podcast, we are looking under the hood of the changing face of tech, the acceleration in all things digital, the impact of regulation, disruption, the need for genuine collaboration, and the spectre of competitors old and new as it plays out in fintech and financial services around the world.

We’re making this series so we can share our experience and expertise in creating solutions for the digital journey for incumbents, community banks, and fintechs. We believe that the future is in communities when it comes to digital transformation in financial services, and we’ll be sharing our thoughts with you, but also getting your together with our guests.

This episode was hosted by Marcel Klimo from Vacuumlabs. Listen to the original podcast episode on Apple Podcasts, Breaker, Google Podcasts, Overcast, Pocket Casts, Spotify, or here:

Full transcript of this episode is available here.

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