FinTech Podcast #309

Ever heard of kompany? The Vienna-based company is the leading RegTech platform for Global Business Verification and Business KYC (KYB), delivering real-time, audit-proof and legally binding business information and documents directly from the registers themselves. Her clients include international and regional banking groups, FinTechs, Big Four accounting firms, law firms, BaaS and compliance platforms, and multinational corporations.

The belief that regulatory compliance doesn’t have to be painful, but rather a smooth, automated experience where the world’s most important source data is accessible to those who need it quickly and cost-effectively, is a guiding principle at kompany.

kompany - The principle of the data platform for KYC/KYB data

Customers on three continents and in more than 100 countries already rely on kompany’s business verification solutions to meet their compliance requirements. From payment providers that need to perform merchant onboarding and verification to highly regulated global enterprises, countless organizations currently rely on kompany to streamline their business KYC processes while reducing costs and minimizing the risk of compliance breaches.

With their real-time global registry network, they can provide access to business data on more than 110 million companies in 200 jurisdictions worldwide. According to kompany, this data has the highest possible reliability because it is retrieved directly from the primary source.

There was a lot going on in the payments and banking world last year, despite the corona pandemic, but a few topics stand out as the most attention-grabbing. Blockchain technology, in particular, is on its way to mainstream adoption by major institutions. The use of distributed ledger technology is well on its way to becoming part of financial institutions’ own infrastructure in the future. Also kompany has developed its own blockchain based solution, the KYC onchain to be at the forefront of this progress. Using solutions like this should ensure a reduction in fraud, a more secure and significantly faster payment processing experience.

At kompany, we expect further expansion of digital payment options across multiple platforms and the resulting impact on traditional payment providers, who will be forced to modernize and adapt to the evolving landscape. For incumbents, it will be critical to adopt technologies that can be easily integrated into their existing systems while allowing them to keep pace with emerging competitors and meet their regulatory requirements.

Kilian talks to Russel E. Perry, CEO and founder of kompany about their developed data-based platform and KYC/KYB model, as well as the strategic direction of the company and to what extent the data platform principle is sustainable.

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