Fintech Kyckr has signed a contract with German bank Commerzbank to provide customer verification technology. It is the second contract it has signed with a big financial institution in the past month.
Commerzbank has been using Kyckr’s customer verification service on a pay-as-you-go basis but has now signed a 12-month contract with a value of around $100,000.
In April, the company extended its services to Citigroup by including customer verification for Citi Commercial Bank. The service extension is worth about US$300,000 over 12 to 18 months.
Kyckr chief executive Ian Henderson said more and more financial institutions were looking to automate customer verification to improve their anti-money laundering, counter-terrorism financing and fraud protection compliance.
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Source: Banking Day – Kycking goals