7th September 2022
Sydney, Australia – Australia’s most connected account opening platform provider, LAB Group (“LAB” or “the Company”), is pleased to announce that it has signed a strategic integration partnership with global database verification company Kyckr Ltd (ASX: KYK).
Kyckr is an established and fast-growing B2B data and software company listed on the ASX. It aggregates, organises and structures the world’s company data to reduce the business risks associated with counterparty relationships such as fraud, money laundering and financial crime.
Kyckr is the leading global provider of real-time company registry information on over 170 million businesses, from 200+ regulatory sources across 120 countries. Through the combination of accurate primary source data with innovative technology, Kyckr’s solutions help organisations to succeed in the fight against financial crime while reducing operational costs associated with verification and compliance.
This strategic partnership provides LAB Group and its clients with instant access to primary source company data, enabling enterprise organisations to verify, onboard and monitor their customers. Kyckr’s deep corporate data set will increase operational efficiencies for LAB clients who require multi-jurisdictional data coverage and regional information extraction to manage their corporate and institutional onboarding more efficiently. Utilising LAB Group’s leading exceptions framework, this service will help organisations on the LAB Platform to further automate their complex onboarding and Ultimate Beneficial Owner (UBO) analysis in order to increase the efficiency in meeting regulatory obligations.
This partnership aligns to Kyckr’s global growth strategy and significantly increases global distribution of their company data verification services through LAB Group’s rapidly expanding onboarding platform. This integration enhances Kyckr’s international reach and speaks to their status as the leading provider of corporate verification services globally. Kyckr’s customers can also benefit from connectivity to LAB Group’s innovative platform to streamline their onboarding processes.
Kyckr CEO, Ian Henderson, said:
“We at Kyckr are excited to partner with LAB Group to enhance Kyckr’s distribution capability through a leading standardised platform. We view LAB Group’s services as highly complementary to our own and we look forward to providing increased speed and accuracy in how their clients verify and onboard customers.”
Nick Boudrie, CEO of LAB Group, said:
“We are delighted to deliver a highly strategic integration through our partnership with Kyckr. The integration further refines our institutional, wholesale and sophisticated investor onboarding offering to meet the complex requirements and exemptions of global enterprise clients. This is an important step for LAB as we continue to pioneer a solution for institutional onboarding and expand our international footprint.
Kyckr, is a is partner who fits well with our high pedigree global clients who require verification options across multiple jurisdictions.”
LAB Group Global Head of Business Development, Jason Marsham, said:
“Achieving this integration with Kyckr is a satisfying result following a sustained period of international collaboration in which we have worked to identify global growth opportunities to provide an innovative solution to institutional organisations who have been left behind in the onboarding space. As a global database verification company operating with a strong product set in more than 100 countries, securing Kyckr as an integration partner has been a key objective for LAB Group to help solve industry challenges around UBO and OCDD. Further to this, Kyckr is highly competitive in Australia, which provides us with opportunities for profitable growth in our home market.”
About LAB Group Services Pty Ltd
Where welcome onboard begins.
LAB is a RegTech providing an innovative KYC & Onboarding platform that revolutionises the customer journey from the very first steps, fulfilling AML/CTF regulatory needs whilst saving time and resources by providing a high degree of automation for account creation and customer lifecycle management using remediation and ongoing customer due diligence processes.
The LAB platform welcomes tens of thousands of people into hundreds of financial product offerings across over 15 industry verticals, matching applicants with a vast array of market offerings.
Connect to more people in more places.
Connect into the LAB Network that leverages strategic partnerships and integrations to enhance product origination and distribution.
Hundreds of regulated entities around the globe connect through the LAB Network to accelerate customer registration, reduce onboarding time, increase security, and achieve higher completion rates.
The leaders in secure onboarding.
LAB’s continually advancing platform empowers our businesses to stay ahead of rapidly changing compliance regulations and evolving customer experience expectations.
Our Software-as-a-Service (SaaS) platform provides a fully compliant, end-to-end, multi product digital onboarding process. LAB seamlessly connects digital client acquisition, ID verification, biometrics, workflow management, fraud protection and compliance services on a single platform.
Become part of the most connected digital onboarding platform.
With LAB’s unmatched connectivity, we get you to market sooner through our sector-agnostic integrations and transformational data automation.
Discover more at https://labgroup.com.au/