DemystData takes up Kyckr’s API technology under two-year agreement

DemystData Kyckr ASX KYK API technology agreement
DemystData will adopt Kyckr’s API for its new and existing clients under a two-year contract.

Under another contract win for Kyckr (ASX: KYK), DemystData has agreed to implement Kyckr’s application program interface (API) for existing and new clients over two years.

Via its platform, Demyst will provide financial institutions with access to Kyckr’s API and real-time registry information in order to help institutions discover, access and test data in combatting fraud, strengthening compliance and reducing data management costs.

According to Kyckr, Know-Your-Customer and Anti-Money Laundering efforts are growing, and as a result, the ability to access legally authoritative Know-Your-Customer information direct from registries provides firms with an effective process in customer verification and helps prevent financial crime.

“Partnering with Demyst brings together deep expertise in the data and automation space, helping us deliver the most up-to-date, legally accurate information to financial institutions globally,” Kyckr chief executive officer Ian Henderson said of the agreement.

“The agreement is in alignment with our strategy to enhance collaborations with strategic partners as an accurate method of growing our exposure to new clients and revenue.”

“Know-Your-Customer verification is becoming increasingly critical and we are excited to be embedding our unique registry network onto the Demyst platform, and we look forward to working with our new partner and customers,” Mr Henderson added.

Demyst was incorporated in 2010 and now has 30 clients including tier-one banks, insurers and lenders across the Asia Pacific and US.

Kyckr’s data is drawn from over 200 regulated primary sources across more than 120 countries and offers information on 170 million businesses globally.

Positive 2019 financial year

Today’s news follows Kyckr reporting last week it had achieved a 20% increase in 2019 full year revenue to $2.1 million (unaudited).

Underpinning the increase was a 41% rise in online revenue for the period.

Mr Henderson attributed the higher revenue to Kyckr’s steady progress in evolving its solutions and services.

Meanwhile, the company also inked an agreement enabling AXA Singapore to adopt Kyckr’s API to develop new insurance services.

AXA Singapore anticipates Kyckr’s API will reduce submitting, reviewing and verification time for issuing insurance polies to between one and three days, compared to the current two-week time-frame.

By mid-morning, shares in Kyckr had risen almost 43% to reach $0.10.

Lorna has more than 10 years' experience as a finance journalist and editor. She has written for numerous industry publications reporting on various sectors, including: resources, energy, construction, biotech, pharma, science and technology, agriculture, and chemicals. Specialising in resources, Lorna has also covered a myriad of small and large cap ASX and dual-listed stocks.