Moreover, as ZignSec has been recently nominated for the Fintech Power 50, we wanted to learn more about what capabilities enabled them to be selected within the program and what are their plans for the next 12 months.
Many banks/regulated entities struggle with knowing for sure who their customers are - and keep the ones they trust happy - while also meeting increasingly strict regulations. How can these leverage technologies for identity verification and KYC processes to create seamless and secure experiences?
Knowing who you're dealing with online is essential for safe business, transactions, and interactions, this applies to companies as well as individuals. Regulated businesses are obliged by KYC-regulations to have good customer knowledge and must therefore be able to verify the identity of their customers and clients in compliance with regulatory requirements. For self-regulated businesses it would be wise to do the same, and perhaps even detrimental not to. The global digital transformation is a fact, as is the rise of online fraud. Thus, identity fraud is a crime that's here to stay, the same goes for money laundering, and financing of terrorism. The collective responsibility to take the necessary measures, as well as preventative ones, is therefore of the utmost importance.
What are the challenges of complying with KYC/AML?
The increasing levels of regulation and the greater focus on data and reporting brings a need for tools that perform data acquisition, filtration, and processing. Thus, allowing the regulatory requirements to be addressed in an efficient manner. The greatest challenge, however, is having compliance systems that deliver an intuitive user experience and straight forward flows, conjugated systems that are simultaneously flexible enough to accommodate the ever-changing and evolving regulatory requirements both globally and locally. This will be the big differentiator between successful businesses and the ones getting squeezed out of their markets.
How can companies like ZignSec enable fighting these challenges?
Fighting and overcoming these challenges is what we do on a daily basis. ZignSec's all-in-one platform aggregates the world’s best global and local solutions for identification and compliance while offering them as a single endpoint and suite of tools for any business worldwide. We make it easy to replace manual and cumbersome processes with digitised and automated workflows. Our ultimate tool for businesses is our no-code compliance manager, a low-code solution that allows for the easy digitisation and re-engineering of their processes and flows in a way that is compliant with regulatory requirements, whilst also allowing for rapid deployment of any changes or optimisation that might occur on these flows. This enables even a novice to build, optimise, and automate workflows that correlate with the standardised global and local compliance and ID-verification services. We offer the system flexibility necessary for businesses who wish to remain compliant and competitive.
Congrats! ZignSec has been recently nominated for the Fintech Power 50. What does this nomination mean for ZignSec?
We feel very honoured to be a nominee of the prestigious FinTech Power 50 and are equally thrilled for the opportunity to display our KYC solution to a global audience. This nomination accentuates the power, the impact, and the level of originality in ZignSec's technology.
About Timm Schneider
Timm Schneider is CEO of ZignSec and has over 20 years of international experience in the payment processing and verification industry in senior leadership positions. Before Schneider joined ZignSec as CEO he had leading roles with many companies in the industry including paybox, a Deutsche Bank and Telekom Austria Venture, Kalixa, Bwin, SecureTrading, and Paymill.
About ZignSec
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