About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Curve Partners with Passfort on New KYB Solution

Subscribe to our newsletter

Know Your Business (KYB) is one of the buzzwords in the AML space right now and we’re seeing increasing levels of activity as solutions providers seek to develop effective automated methods of assisting clients with their onboarding needs. This week heralds the newest of these partnerships, as card consolidation platform Curve signs up with CLM specialist PassFort to automate its KYB due diligence processes across 31 markets in Europe.

The partnership was established as Curve secured series C funding and set ambitious global growth plans, which include a launch to the US and deeper penetration in Europe for 2021. According to PassFort, its success in winning the deal was its focus not only on KYB and AML automation for Curve’s current business, but its ability to scale and control costs when it comes to future expansion.

The two firms are together designing a bespoke corporate onboarding flow, designed to automate KYB and AML checks to maximise straight through processing (STP) of new applications. STP should enable Curve to accelerate the number of corporate clients it is onboarding or monitoring, without having to introduce more technology or increase the number of people in its compliance function – key to controlling costs.

PassFort, a relatively new player founded in 2015 and headquartered in London, offers a single, SaaS platform solution to manage compliance and financial crime. The firm recently strengthened the number of data providers integrated with its platform so that its clients can access accurate and comprehensive Know Your Customer (KYC), KYB and AML data through a single solution, and it’s growing rapidly.

“PassFort was assessed on a buy vs. build criteria, as well as against other vendors,” says Jon Cumberlege, VP of Operations at Curve. “PassFort’s global coverage, the need for minimal development resources on Curve’s side, full case management capability and flexible, automated workflows meant its team won out.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Best practices for compliance with EU Market Abuse Regulation

EU Market Abuse Regulation (MAR) came into force in July 2016, rescinding the previous Market Abuse Directive and replacing it with a significantly extended scope of regulatory obligations. Eight years later, and amid constant change in capital markets regulation, technology and culture, financial institutions continue to struggle to stay on the right side of the...

BLOG

Ascent Technologies Adds Horizon Scanning with Acquisition of Waymark

Ascent Technologies, a Chicago-based vendor of AI-enabled compliance automation solutions, has acquired Waymark, a UK-based provider of horizon scanning and compliance management workflow solutions. The move follows Ascent’s recent acquisition by Edgewater Equity Partners. Waymark’s horizon scanning tools augment Ascent’s obligations management technology, with the combined company now able to offer regulatory coverage of the...

EVENT

TradingTech Summit London

Now in its 14th year the TradingTech Summit London brings together the European trading technology capital markets industry and examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

The Global LEI System – Slow but Sure

After what looked like a slow start to the summer, the initiative to establish a global standard for legal entity identifiers (LEIs) took a series of significant leaps forward during August, that appears to have put the project firmly back on track. If the marketplace felt a little reticent in June and July, it could...