PassFort's round up of Q1 2022

The start of a new year, a change from winter to spring, and new beginnings for PassFort as a Moody’s Analytics company. So, let’s take a look back over Q1 and how things have developed.

The blossoming of an integrated KYC solution

As we head into spring, our integration with Moody’s Analytics is flourishing. The brand has been updated; teams have merged; we've collaborated on events; and now we’re offering a holistic KYC data and automation solution to a world of financial services customers. 

The power of our integrated approach to risk management is that it means more choice for regulated firms and more efficient KYC and AML processes. And as we found out through our recent research project, delivering better KYC experiences is a source of competitive advantage for the financial institutions we serve.

Delivering competitive advantage in KYC

PassFort produced a piece of original research on how a customer's KYC experiences can affect their perception of a financial services provider.

Trends uncovered in the research show compliance journeys – including KYC – are not only visible to consumers but have real consequences for providers. 

A compliance experience that exceeds expectations creates advocacy, loyalty, and growth. 

Here’s how...

  • 60% of consumers are more likely to buy more products if they have a positive KYC experience
  • Customers who felt they had a positive compliance experience said they were less likely to switch or complain
  • And 77% of consumers said they were more likely to recommend their provider following a KYC experience that was better than expected

These factors show that investment in compliance journeys leads to a positive return and how better execution of KYC becomes a source of competitive advantage.

Fledging new partnerships 

Know your business (KYB) and corporate onboarding just got a little easier, so important when it comes to understanding UBO's and corporate structures.

In Q1 we brought news of our partnership with Trulioo, a global provider with a huge network of identity data. 

We’re pleased to say the integration is live with our customers able to retrieve company registry and ownership data through Trulioo’s Business Verification API to verify company details and identify officers and shareholders.

We were also delighted to welcome Nvayo as a new customer in Q1. The EMI serves ultra-high-net-worth clients around the world and PassFort has been chosen as its RegTech partner. We’ll be supporting Nvayo’s work to verify, onboard and monitor customers compliantly and with seamless KYC and AML experiences.

A flurry of reviews

There was a flurry of new reviews for PassFort on G2 this past quarter, which were very welcome. 

Feedback from users of the PassFort platform is powerful and influential. It helps us to improve the way we operate and understand what we’re doing well. 

Reviews also give other financial providers researching KYC and AML solutions a chance to build a picture of PassFort and the platform from a user’s perspective. 

On that note, one PassFort user said: “A great overall package that makes onboarding clients easy. As the first piece of compliance software I have ever used, I found it so easy to pick up and get straight into my work. The support from the PassFort team has been top tier…”

You can find all our reviews on G2 and if you are a user, please feel free to leave one of your own – just visit the PassFort page.

Blooming brilliant events

There were a few brilliant face-to-face and virtual events in the opening three months of 2022. 

+ Dr Christine Bailey, CMO, was presenting at the AML and FinCrime tech forum on how compliance is the fairy godmother of customer experience

+ Donald Gillies, head of PassFort, took part in a webinar “Client onboarding – How can traditional players compete in a digital world?” organised by the Fintech Innovation Network

+ And we had our very first event representing Moody’s Analytics in the Middle East at the 3rd MENA Regtech Summit – advertising for 2023 has now begun!

Later this month, Donald is taking part in another webinar, this time with FinTech Global. He and other experts from the world of RegTech and Compliance will look at whether fines are enough to stop fraud in financial institutions – more details to come.

KYC decoded podcast

Our compadres in Moody’s Analytics just launched a brand new “KYC decoded” podcast - not to be missed! 

The first episode was a hard-hitter tackling modern slavery and how to fight it with special guest speakers Professor Zoe Trodd, Executive Director of Rights Lab, and Jakob Hahn-Petersen, Moody's Analytics KYC Product Strategist. 

The second was about UBOs (ultimate business owners) and why that matter. This is a timely and important subject to understand right now.

Click the links or listen in wherever you get your podcasts – just search for Moody's Talks - KYC decoded.

Welcoming new arrivals

It seems appropriate to end our Q1 newsletter with another new beginning. We are very excited to say that as of March 1, kompany officially became a Moody’s Analytics company. 

kompany has been leading the fight against money laundering for years now through its know your business (KYB) technology. Joining forces with Moody’s Analytics, kompany will bring the best in business verification solutions to new global audiences and we can’t wait to work with them on this vitally important area of risk management.

Get in touch

That’s a quick whizz through Q1, there were of course lots of other happenings that haven’t been mentioned, so take a look around the website for more news or get in touch with the team if there’s anything else you’d like to know – we’d love to hear from you.