Companies Providing KYC Compliance and Fraud Checks

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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)

Wipro

Genpact (Markit I Genpact KYC Services)

Onfido

ComplyAdvantage

RESEARCH STRATEGY

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.
Sources
Sources

Quotes
  • "KYC-AML is a very niche area within the Banking BPO industry. With the increase in money laundering activities and heavy fines associated with failure to comply with the regulations, BANKS and other FINANCIAL INSTITUTIONS (FIs) are finding it difficult to catch up with the evolving laws on their own."
  • "Everest Group classifies 19 KYC-AML BPO service providers on the Everest Group PEAK Matrix into three categories of Leaders, Major Contenders, and Aspirants "
  • "LEADERS: Genpact, TCS, and Wipro"
  • "MAJOR CONTENDERS: Accenture, Cognizant, Exela Technologies, EXL, HCL Technologies, Infosys, Intelenet,KPMG, Mphasis, NTT Data, PwC, Sutherland Global Services, and WNS"
Quotes
  • "Tata Consultancy Services, a leading global IT Services, Consulting and Business Solutions organization, has been named a Leader in Everest Group’s PEAK Matrix™ for Know Your Customer (KYC) and Anti Money Laundering (AML) BPO services."
  • "TCS’ Significant Market Share, Broad Scope of Services, High Customer Satisfaction Levels and Advanced Technology Capabilities Cited as Key Strengths"
  • "KYC: Customer identification and verification, customer due diligence including controllership and ownership structure, enhanced due diligence, risk profiling with sanctions and negative database checks, and customer outreach off-boarding."
  • "Our in-depth knowledge of financial services and its underlying processes, digital expertise, our intellectual property and end-to-end cognitive compliance solutions, place us in a strong position to help customers manage financial risks, drive regulatory compliance, and enhance end-customer experience,” added K Krithivasan."
  • "Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for the last fifty years."
  • "TCS has been working with the world’s largest banks for many years and has built unparalleled expertise in KYC-AML compliance services. "
Quotes
  • "With revenues of over $19 billion in FY18, TCS is ranked among the Top 10 global IT service providers. "
  • "Six industry verticals experienced double-digit growth in cc terms, collectively growing 13.2%, while the Banking, Financial Services and Retail (BFSI) and Retail verticals experienced single-digit growth. "
Quotes
  • "Tata Consultancy Services (TCS) has developed an Open Banking API Framework that can accelerate time to value. Embedded with best-in-class cyber security and analytics capabilities, it helps create new revenue streams and encourages innovation to deliver superior customer experiences."
  • "Ecosystem-centric niche capabilities: These services will help open up new revenue channels for parent organizations partnering with those operating in niche areas. These will include anti money laundering (AML), know your customer (KYC), cross border transactions, liquidity review, trading and brokerage management, and so on."
  • "More Complex and Niche Capabilities: KYC, Anti Money Laundering, Liquidity Review, , New Account Open, Customer Credit Risk"
Quotes
  • "Total revenue was $3.0 billion, up 10% year-over-year (up ~9% on a constant currency basis). "
  • "Genpact Limited (NYSE: G), a global professional services firm focused on delivering digital transformation, today announced financial results for the fourth quarter and full year ended December 31, 2018."
Quotes
  • "Genpact Limited (NYSE: G), a global leader in transforming and running business processes, operations and technology, and Markit, a leading global diversified provider of financial information services, today announced the launch of Markit І Genpact KYC Services. "
  • "End-to-end solution for KYC data management: The service will collect, enrich and centrally administer legal entity data and documents that banks require from their clients in order to conduct business and comply with KYC and anti-money laundering regulations, including Dodd-Frank, Emir, Fatca and Mifid. "
  • "By standardizing and centralizing the collection, validation and management of KYC information, the service is designed to help banking institutions benefit from high quality client data and an optimized compliance process that reduces operational risk and lowers costs."
  • "Centralizing KYC delivers synergies for all industry participants: For the community of banks’ clients and counterparties, Markit І Genpact KYC Services reduces the burden of duplicate data requests and provides increased transparency and efficiency in the onboarding process."
  • "An online portal, KYC.com, is now open for institutions, including asset managers, corporations and hedge funds, to register for the service. "
Quotes
  • "API connectivity for real-time consumption of bulk data"
  • "IHS Markit supports our customers during every stage of their KYC and due diligence journey with our connected set of operational risk and regulatory compliance solutions."
  • "Clients have full transparency to the standards applied and can upload documentation to support Vantage Profiles creating a sustainable environment for the KYC process. Once Vantage Profiles are created, banks can reuse this profile information to address other regulatory compliance and tax requirements."
Quotes
  • "End to End automation of Know-Your-Customer and Know-Your-Vendor processes for compliance purposes, including: extracting data from input documents, searching the internet and checking public record sources to compile the information needed for compliance checks and generating a report of the same without human intervention or manual effort."
  • "Audit trail and evidence generation of every step"
  • "We provide REST APIs that can be integrated with various backend services but end users cannot set up nor make changes to the API. Users can request changes to the API and the Wipro Holmes development team will make these changes on their behalf."
  • " Security impact tracked by the Risk and Compliance team."
  • "Approach to secure software development best practice: Independent review of processes (for example CESG CPA Build Standard, ISO/IEC 27034, ISO/IEC 27001 or CSA CCM v3.0)"
  • "Data and reports generated can be directly downloaded from the application in PDF format. APIs can also be created to export data into linked systems if required."
Quotes
  • "Wipro’s Open Banking API platform accelerates banks’ journey towards the establishment of an API-enabled value ecosystem, and simplifies the on-boarding and integration of FinTech services."
  • "The Open API platform, will enable banks and financial institutions to launch Open Banking initiatives and create new forms of distribution channels and servicing capabilities, provide access to third-party application market places, and comply with emerging regulatory norms through the standardization of APIs."
Quotes
  • "Results for the Year ended March 31, 2019: Gross Revenue was Rs 585.8 billion ($8.5 billion1), an increase of 7.5% YoY"
Quotes
  • "Onfido's KYC & AML solution is designed for the online world, helping you onboard more customers and reduce the risk of fraud."
  • "Seamlessly integrate with a single API to run checks in 132 countries – scale your business across the globe and onboard more customers."
  • "Our device-agnostic document checking solution is powered by machine-learning technology to help you detect fraudsters, wherever they are."
Quotes
  • "Onfido’s newly-launched Software Development Kit (SDK) makes it even easier for customers to use its next-generation identity verification platform and verify that their customers are who they claim to be without needing to meet them face-to-face."
  • "With Onfido, users wishing to be onboarded to a financial services platform simply take a selfie and a picture of their ID document, both of which are then submitted to Onfido via API for verification."
  • " The company offers KYC compliant identity verification to financial service companies, who chose Onfido for their match rates, fraud detection, flexible API and end-to-end service. "
  • "Onfido is trusted by a variety of leading fintech businesses worldwide – including GoCardless, Nutmeg, Monzo Bank, Pockit and Lendinvest – as well as reputable crowdfunding platforms, such as Crowdcube and JustGiving."
Quotes
  • "Revenue (FY, 2017) - GBP 7.9M "
Quotes
  • "Our unique API solution has been designed to provide you with all the functionality you need to integrate our data and services into your anti-money laundering processes."
  • "Through structured data and automation, you can streamline your internal processes, reduce manual workload and produce a more accurate picture of risk."
  • "Manage your own users and API keys for security. We are ISO27001 certified across all systems and locations – everything we do is in scope for the certification."
  • "Our robust API enables easy integration with your existing workflow. Simple, seamless integration of our automated onboarding checks and case management into your workflow and business model."
  • "[Serves]: Banking, Payments, Lending, Insurance, Crypto, Investment, Gambling & Gaming, High-Risk Corporates"
Quotes
  • "Aqubix’s KYC Portal has integrated with ComplyAdvantage, a real-time database for risk decision-making. This integration is automated through APIs and will enable KYC Portal to push and pull data requests from the API of ComplyAdvantage, ensuring further automated KYC processes."
  • "There are two main reasons for this integration, the automation of manual subject screening, and the improved traceability of actions taken by internal compliance teams. "
  • "Through its manual search tools, an agent will be able to push a button which will pick up all data for the respective subject and submit a call to the ComplyAdvantage API."
  • "Results will include data such as personal details, political positions, adverse media and more. This service will empower agents to choose the right match and see if there are any false positives."
  • "Finally, the on-going monitoring service will enable clients to ensure subjects are all up-to-date on a daily basis and anything is not correct, the team will be informed."
Quotes
  • "Year Total revenue growth $3M"
  • "ComplyAdvantage uses artificial intelligence, machine learning and big data analytics combined with a tailored risk-based approach to help firms not only to manage their compliance and risk obligations but to prevent the occurrence of financial crime."