In the last quarter of 2018, BASIS ID, one of the leading KYC/AML service providers, in partnership with the biggest banks across Asia and Europe, had delivered a platform that allows the launch of FinTech services in months. At the moment there already are first achievements and experience working with the companies from the financial field that perform the issue of crypto-currency physical credit cards, online payment transactions and currency exchange. On average, it takes three months from the word go to a successful launch, which can be considered as a record-breaking speed.
At the very time, the tendency for simplifying the launch of FinTech services is obvious. In the avant-garde of this process are startups like Plaid, Tink, Rapyd and Mambu. However, while these companies cover the transactions part, BASIS ID is an identity verification, risk mitigation and fraud management platform that allows covering personal data processing, regulatory compliance and bank’s onboarding and risk-management requirements.
Simply put, BASIS ID platform allows resolving complicated issues of launching a FinTech that are connected with the service-bank relations and regulatory requirements. Positioned as a meeting ground, BASIS ID resolves the issues by offering FinTech a fast and all-round integration with the bank.
“Being a frontline platform for CDD-service we have participated in the launch of numerous FinTech projects and supported the expansion of companies from the financial field to the new geographical markets. This has allowed us to thoroughly understand the problems of FinTechs and propose a solution.” – comments Akim Arhipov, CEO BASIS ID on the results
“In partnership with the largest banks, we have created a platform, that releases FinTech services from the necessity of organizing the customer due diligence procedure on their own and changing their current customer-management processes, personal data storage, documentation handling and monitoring in order to comply with the requirements from the bank. All of that can easily be achieved utilizing the tools by BASIS ID” – concludes Sergei Scherbak, CTO BASIS ID.
At the moment the solution is available in the UK, Singapore, Philippines & Australia. Having in mind the experience and strategy for FinTechs of such innovative banks like Crossriver Bank, Metropolitan NY, Silicon Valley Bank and BBVA, BASIS ID is planning to expand to the American market in order to provide clients with truly worldwide coverage. Clearly, when choosing between development and implementation of an own solution or launching the BASIS ID platform – cost and ease are significant arguments for choosing the out-of-the-box solution.
We can already point out a high demand coming from FinTech companies starting their business in the Asian region, as well as from bigger companies expanding to the markets where BASIS ID is providing its solution. 5 companies are already operating the BASIS ID platform, the whole process has been validated by VISA and approved by the PwC Switzerland. BASIS ID has successfully graduated from the F10, where has earned a high score and appreciation by SIX, Baloise, Generali and Raiffeisen.
At the moment BASIS ID has been selected for acceleration program by Mastercard and NFT Ventures – Lighthouse.
BASIS ID is a company that provides KYC/AML service for the companies from the financial field, sharing-economies, telco, gambling and air-carriers all around the globe.
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