Modulr Appoints Contego to Carry Out Complex KYB and KYC Checks
- Security , AML and KYC
- 25.10.2016 08:30 am
Contego, the multi-source identity verification and risk-scoring platform, today announced that Modulr, an API platform that simplifies complex payment flows, has selected Contego to carry out checks on companies based in the UK and internationally to help ensure compliance with Know Your Customer (KYC) and Know Your Business (KYB) requirements.
Modulr, whose mission is to stop payments being a barrier to business growth, recently achieved FCA authorisation as an Authorised Electronic Money Institution (AEMI), a significant milestone for the company. To achieve authorisation Modulr needed to prove it offered a rigorous approach both to onboarding customers and ongoing monitoring. To ensure best practice from the outset, Modulr adopted Contego’s platform that will also grow and adapt with regulatory changes.
Contego’s identity verification and risk-scoring platform helps Modulr automate its complex checking processes. As an FCA regulated business, Modulrhas to comply with KYB and KYC regulation by verifying the companies that it works with and their ownership structure, as well as monitoring any changes. Furthermore, as part of Modulr’s KYC obligations, it has to understand the individuals behind these companies, verify their identity and screen against negative watchlists, for example, Politically Exposed Persons (PEP) and sanctions registers. Contego has deployed a bespoke risk-scoring capability to manage the complexity of onboarding and monitoring customers It checks both people and companies simultaneously, accurately combining results from multiple sources, and delivers results in real-time via a single API.
Modulr is scaling fast and with Contego’s platform is able to market and deliver products and services with confidence that its compliance processes will scale as it grows.
Myles Stephenson, CEO, Modulr said: “After looking into various identity verification providers we have chosen Contego because it has the combined KYB and KYC capability we are looking for, whilst also being the best fit commercially and culturally. With Contego we are able to automate our checking processes and we are alerted to any changes in our customers’ status, which is critical to ensuring we fulfil our regulatory obligations and make the customer onboarding process reliable and faster.”
He added: “We wanted to move quickly and Contego deployed the platform as a user interface within a week, so we can concentrate on developing and streamlining payment processes. Our technology team have now integrated the API into our customer workflows, which was a simple and fast process.”
Adrian Black, CEO, Contego added: “We are very happy to welcome Modulr to our expanding client base and assist with their complex checking requirements. Modulr has a diverse customer base and we want to help them make timely and informed decisions about who they do business with and onboard them quickly, leaving them free to focus on growing the business.”