As know-your-customer (KYC) and know-your-business (KYB) regulations tighten globally in response to a rise in financial crime, digital identity platforms can remove the pain and cost of compliance.
Standard Chartered just joined HSBC in investing in Chekk, a KYC, KYB, and data-management platform that boasts an exhaustive dataset and easy integration.
Standard Chartered is using Chekk for, among other things, real-time risk assessment and anti-money laundering and identity verification for individuals and businesses’ related parties (like directors or ultimate beneficiary owners), a spokesperson told Insights Distilled. It has led to a 30-to-50% reduction in compliance costs for its venture unit, she said. “While several companies claim to optimize customer onboarding in banking, none comes close to them,” the head of Standard Chartered Ventures, Alex Manson, said of Chekk.