PassFort's Q4 Newsletter 2021

Q4 this year has been a biggie for PassFort. We moved at warp speed from Series A close to merger with Moody's. Tempting as it is to look back though (and we will take the merest glance), we are more interested in what the future holds for our customers, partners and the future of RegTech.

Looking to the future of RegTech

As we come to the end of 2021, it’s tempting to look back over the year and see how things started and what’s been done. But honestly, where we are headed is much more interesting.

A few short weeks ago, PassFort was acquired by the Moody’s family, and we became part of Moody’s Analytics. This instantly opened up a new world of opportunities for our RegTech solution and for our customers. And, we are looking forward to developing that in 2022.

PassFort is augmenting the Moody’s Analytics' [MA] offering, as we add the world-class workflow automation layer to the leading datasets available through MA. Its KYC solution was already well underway with the acquisitions of BvD and RDC. And soon coming into the fold is the kompany team, headquartered in Austria. These parts will create a holistic solution for automated KYC and compliance. Working backwards from all our brilliant customers and their requirements for onboarding and risk monitoring, we have a wealth of solutions engineers, software developers and global financial services expertise to bring to the market. Can't wait.

A quick glance back…

I know we said we’d only be looking to the future, is worth having the tiniest glance back over this quarter to give a few people and some other news a mention.

PassFort superstar guests

Biometrics and digital identity

In October, digital identity guru, David Birch, joined us for an episode of the PassFort podcast. He unwrapped the use of biometrics in digital identification vs. authentication. The use of biometrics is increasing all the time as both businesses and customers seek convenience in their transactions. But, Dave helps clear up a few issues in conversation with Donald Gillies, as there is a subtle yet distinct difference when it comes to how biometrics can and should be used for KYC.

You can access the podcast on-demand.

Risk at the point of payment

We were also very lucky to have Craig Marston of Paytia join Ray Ryan on our podcast. Craig talked about the risk of fraud at ‘point of payment’. It was an insight into how easily consumers give away their sensitive data, and put their money at risk, to get the convenience of completing a transaction quickly. We all do it! By the way, Craig also shared ideas about how these risks could be avoided.

New partnerships with Mitek Systems and Refinitiv

In Q4, we were also very happy to bring news of our new partnership with Mitek Systems and our enhanced partnership arrangement with Refinitiv. These were both important strategic alliances for PassFort and our customers, as this access to more sources of quality global KYC and KYB data makes automating compliance checks increasingly efficient, cost effective and accurate.

With the ongoing drive toward digital transformation, it's great to be able to continue bringing more partners into the data ecosystem for a world of compliance checks.

Consumer research – KYC delighting customers

Working with RegTech Associates, we launched a piece of original research in Q4 that looked at the power of ‘better than expected’ KYC experiences in driving customer advocacy, loyalty and growth. Far from being a ‘meh’ topic for UK financial services consumers and a source of cost for institutions, our survey and its findings show that when a compliance journey is executed really well, it can impact a customer’s propensity to buy more products, advocate for a brand and also reduce the likelihood of complaints.

The full findings of the research are available on our website.

RegTech100 list, 2022

Throughout this year, we have really enjoyed taking our place in the FinTech Power50 and working with the FinTech Innovation Network (FIN). To round things off, in Q4 PassFort took its place on the RegTech100 list for 2022, which highlights the most innovative solutions and companies working in the sector today.

We are very proud of this achievement as it validates our work in defining the 2nd wave of RegTech, which breaks the compromise between compliance efficiency and great customer experiences.

Website relaunch

On 13th October, 2021, we relaunched with the help of our wonderful new designer and web-mastermind, John Wiggins. He has made such an impact on the company since joining in September and we are loving his work! We hope you’re enjoying the new look of the website and have been able to find everything you need.

If you have any feedback or would like to see anything else added, we would love to hear from you – as always. You can email us at any time.

Last but not least…

When we joined Moody’s, we gained about 12,925 new colleagues worldwide. That’s quite a lot, but we’ll get to know them over time.

However, to the original PassFort 75, a big thank you.

Thank you for everything you did to get us to this point. For your product management; for your work in customer success; for your hiring and support of the team; for your sales tenacity and your marketing skills; for your software design and development; for your resilience, good humour and ingenuity. Every contribution is appreciated, whether you were here for the start in 2015 or whether you joined one day before the merger in 2021.

And obviously, the very last thing is to send lots of love and thanks to our customers and our network of partners.

Well, that’s all for now. Thanks for reading and here’s to a happy new year!

Get in touch

If you would like to discuss anything in this newsletter or your plans for automating KYC in 2022, we would love to hear from you.

Get in touch with the PassFort team any time!