Signicat acquires fraud prevention company Sphonic

Tuesday 26 April 2022 14:10 CET | News

Norway-based digital identity company Signicat has acquired all shares in the UK-based anti fraud company Sphonic.

The digital identity pioneer aims to be a single provider for the entire digital identity and anti-financial crime lifecycle across Europe. This includes identity solutions to support customer onboarding, authentication, e-signing, fraud management, and risk management. Since 2019 Signicat has acquired five companies, including in 2021 the mobile authentication company Encap, electronic signing provider Dokobit, and identity proofing innovator Electronic IDentification.

Sphonic is a company automating compliance decision processes. The company has a track record of helping financial services, fintechs, gaming operators, and the payments ecosystem manage their client onboardings and risk assessments, including activities such as credit checks, affordability checks, and other compliance checks. With this acquisition, Signicat will be able to extend its leading existing identity platform with Sphonic’s know your customer (KYC), know your business (KYB) and anti-money laundering (AML) solutions.

Sphonic’s primary product, Workflow Manager, enables clients to customise, automate and manage compliance workflows seamlessly. It leverages around 100 of the world's data and technology providers, allowing banks and other institutions to access technologies via a single API. The solution augments data and increases end-user insights that the customers can use to make an onboarding decision.

The acquired company has recently expanded its solution offering with a scalable real-time fraud and AML transaction monitoring solution in addition to a case management system that also offers tools for visualising identity, fraud and AML data, and will continue to operate a separate business entity.

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Keywords: Signicat, acquisition, KYC, fraud prevention, AML, digital onboarding
Categories: Fraud & Financial Crime
Companies: Signicat, Sphonic
Countries: World
This article is part of category

Fraud & Financial Crime




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