Kyckr extends Citigroup regulatory compliance deal
Regulatory technology company Kyckr has expanded its agreement with multinational investment bank Citigroup.
The expanded deal will see Kyckr provide its services to the commercial banking division of Citigroup. Citi Commercial Bank will adopt Kyckr’s customer verification platform.
It will also deploy the regtech’s application programming interface (API) solution for primary source data during customer onboarding.
Citi Commercial Bank is projected to use the Kycker solution in 15 different geographies.
Under prior agreements with the bank, Kycker technology has been deployed at Citi’s Institutional Clients Group (ICG) and Trade and Transaction Services (TTS).
Kyckr has been selling its API Enterprise solution to Citigroup since 2016.
“There is no better referral than within an existing organisation,” says Kycker CEO Ian Henderson.
“The fact that the Kyckr technology has been embedded into a number of Citi’s core divisions reaffirms the strength, reliability and importance of our solution, bringing speed and accuracy to regulatory compliance checks.
According to Henderson, more and more businesses are looking into automated and accurate means of adhering to anti-money laundering (AML) and know your customer (KYC) obligations.