W2 teams up with RegTech platform kompany to boost KYB offering

By Megha Bhattacharya

Cardiff-based technology provider W2 has announced a strategic partnership with RegTech platform kompany. The partnership will allow W2’s client base to access the RegTech’s KYB offering, including its global Ultimate Beneficial Owner (UBO) data, via its compliance platform. According to W2, the partnership will ensure that clients across regulated industries have access to real-time, accurate and audit-proof entity information directly from the primary source.

“Partnering with kompany is a critical for the strategic development of W2,” said Warren Russell, CEO & Founder of W2. “The ability to offer our clients access to company filings and real-time business information allows for more streamlined compliance with the 5th and 6th Anti-Money Laundering Directives and ensures that the effectiveness and efficiency of the digital onboarding journey is enhanced.”

Recently, Contis announced a partnership with regulatory compliance solutions provider W2 with an aim to facilitate the provision of end-to-end KYC/AML processes for customer onboarding and ongoing monitoring. Contis stated that it will be using W2’s eKYC, Fraud Prevention, PEPs and Sanctions solutions, integrated by W2’s single API and SDK software offering.

“Despite reports indicating that the global KYB market will be valued at close to USD 12 billion by next year, we estimate that currently, only 5% of financial institutions have an automated B2B or corporate banking onboarding journey,” said Russell E. Perry, CEO and Co-founder of kompany.

“In fact, nearly 75% of these businesses are still relying on Google searches to complete their customer due diligence. We are excited to bring our RegTech platform to W2 and empower their clients to get the best value out of their compliance procedures with the greatest ease and confidence possible.”