Aussie fintech firm Kyckr has inked a deal which will see a leading global payments provider use its Know Your Customer (KYC) on-boarding services.
The ASX-listed regulatory tech company provides data and technology solutions to protect against money laundering, fraud and tax evasion. It uses blockchain technology to assist its clients meet their obligations under KYC rules designed to prevent funding of terrorism and money laundering.
The term of the agreement is indefinite with a fixed subscription valued at $150,000 per year with revenue commencing this month.
Kyckr’s customer validation and verification processes will assist in improving the unnamed global payments provider meeting its KYC compliance obligations.
“Our services demonstrate the relevance of our capabilities in multiple sectors, helping improve customer on-boarding, bringing about operational efficiencies and improved KYC compliance,” said Kyckr Managing Director David Cassidy.
The company has a number of global blue-chip clients including Bloomberg, IBM and Elavon.
Kyckr has a highly experienced board with Tesco Bank CEO Benny Higgins to take the non-executive chair position in March 2018 from David Cassidy.
Shares in Kyckr (ASX: KYK) were last trading at 22c at 3:30pm AEDT.
