Companies Providing KYC Compliance and Fraud Checks
Tata Consultancy Services (TCS), Genpact and Wipro are the most prominent technology companies in KYC or know-your-customer compliance checks providing data via API and software workflow. Onfido and ComplyAdvantage are two other companies that offer KYC or know-your-customer compliance checks providing data via API and software workflow.
tata consultancy services (TCS)
- Overview: Tata Consultancy Services is a leading provider of IT services, consulting and business solutions to global clients including banks and fintech organizations.
- Revenue: $19.09 billion in FY 2018
- API and software: TCS employed an open banking API framework with best-in-class cyber security (against fraud), analytics and software capabilities to offer niche capabilities including KYC compliance and AML.
- Services/Data: Their KYC compliance services include client identification and verification, enhanced compliance and due diligence, client compliance in relation to control and ownership structure, risk profiling with check on negative database and sanctions, and offboarding of customer outreach. TCS also offers anti-money laundering (AML) services alongside KYC compliance checks.
- Types of customers: Large banks worldwide, financial institutions including fintech and other organizations.
- Overview: Wipro Limited is an IT company that provides IT services, consulting and business process services to banking and corporate clients worldwide.
- Revenue: $8.5 billion in FY 2018
- Services/Data: Wipro offers a comprehensive end-to-end automation of KYC as well as KYV (Know Your Vendor) processes for compliance check. The company's services include data extraction from input documents, Internet search and public record sources analysis for compliance check and automated report generation. It also offers audit trail and evidence generation against fraud as well as asset protection features.
- API and software: Wipro offers open banking API that can be integrated with a range of backend services. Customization is available upon request. Wipro also offers secure software development best practice for independent review of KYC processes.
- Types of customers: Banks, financial institutions and fintech organizations.
Genpact (Markit I Genpact KYC Services)
- Overview: Genpact is a leading global provider of IT services and business processes in finance, accounting and compliance among others.
- Revenue: $3 billion in FY 2018
- Services/Data: Genpact in partnership with Markit offers an end-to-end solution for KYC compliance and data management. Their KYC solutions offer active monitoring of client information and proactive revalidation of data on regular schedules. A key component is standardization and centralization of KYC data as well as information security.
- API and software: Genpact and Markit offers API connectivity for real-time availability of bulk data from KYC services. It also offers transparent workflow, analytics, document management, traceability and governance and reporting.
- Types of customers: Banks and other financial institutions including asset managers, corporations including fintech and hedge funds among others. Genpact reports that over 900 financial institutions and 500 corporate customers use its Markit I Genpact KYC Services to automate KYC compliance worldwide.
- Overview: Onfido is a leading provider of Identity Verification services to help banks and financial companies onboard customers as well as fight against fraud.
- Revenue: £7.9 million or $9.98 million in FY 2017 via Craft.co
- Services/Data: Onfido offers end-to-end KYC compliance check as well as AML solutions including identity and document check, peps and sanctions verification, and fraud detection.
- API and software: The company leverages its Software Development Kit to help financial companies and banks verify customer identity through a flexible API.
- Types of customers: Banks, fintech organizations and financial services providers.
- Overview: ComplyAdvantage is a technology company developing AML data and surveillance platform to serve banks, fintech and other financial companies to simplify compliance and fight fraud.
- Revenue: $3 million reported annual revenue via Financialit
- Services/Data: ComplyAdvantage integrated with Aqubix KYC Portal this February 2019 to offer automated KYC process including compliance check and traceability. If a match is found, the platforms' API will present data such as personal details, political offices, adverse media information and others. The integration will also enable streamlining and onboarding of retail financial customers.
- API and software: ComplyAdvantage offers software solutions and RESTful API for sanction and anti-money laundering data. The company's API will work with Aqubix's KYC portal to provide KYC compliance check.
- Types of customers: Banks, fintech organizations including financial services companies in cryptocurrency, gambling and gaming, insurance, payments and lending.
The market leaders list has been determined by the report "Everest Group (KYC-AML) BPO – State of the Market PEAK Matrix™ Assessment 2018 "from Everest Group, a leading consulting and research firm in the fields of strategic IT and business services. The report determined the leader list based on market impact and capabilities. We determined that these satisfied the requirements and provided the requested details above. However, when we researched the 13 companies listed under Major Contenders (Accenture, Cognizant, Exela Technologies, EXL, HCL Technologies, Infosys, Intelenet, KPMG, Mphasis, NTT Data, PwC, Sutherland Global Services, and WNS), we found no offer/services regarding KYC compliance check thru API.
Some of the most prominent of these, namely Accenture and Cognizant, provided industry research reports on how API enhances open banking and KYC processes but did not offer the feature themselves. We extended research to the thtree companies listed under Aspirants (Capgemini, DXC technology, and Syntel) and found the same result. Thereafter, we conducted a manual research for companies that offer KYC or know-your-customer compliance checks providing data via API and software workflows. We determined two companies that satisfied the technical criteria. While we could not determine their revenue due to lack of publicly available information (from annual reports, press releases and business media articles) as these are private companies, we have provided estimates of their revenue as well as other requested details above.