Regulatory tech company Kyckr (ASX: KYK) has signed an agreement with information services provider illion Australia which will allow illion to resell Kyckr’s solutions across Australia and New Zealand.
illion is a leading provider of data and analytics products and services in Australasia.
The firm leverages its consumer and commercial credit registries, which comprise data on over 25 million individuals and over 2.5 million active companies.
Under the agreement, illion will resell Kyckr’s market-leading technology and solutions including Verify & Validate and Company Watch, adding enhanced functionality to its existing product line-up through data cleansing, remediation and ongoing customer monitoring from over 200 global registries.
Verify & Validate fully automates to cleanse, remediate and verify existing corporate records, enabling data management compliance, while Company Watch is an online monitoring service providing daily, weekly or monthly notification of changes to corporate data.
In addition, the Kyckr application programming interface will integrate into illion’s decision engine API and partner Ultimate Beneficial Owner (UBO) platform, Simple KYC.
The UBO platform is a map of shareholders in a company and under Australian Government rules, all reporting entities must identify the beneficial owners of their customers and assess the money laundering and/or terrorism financing risk they pose.
Kyckr chief executive officer Ian Henderson said the agreement reinforces the company as a “trusted provider” for global registry information.
“We are pleased to be working with a company which holds Australia’s richest source of commercial and consumer information,” he said.
“This agreement aligns with our mission of creating relationships with global data providers and commercial credit bureaus that enable us to fast-track our exposure to new customers and revenue growth channels.”
illion has over 130 years of data history and experience with Australian clients, fuelled by in-depth research, advanced analytics capabilities and a comprehensive view of the data landscape.
The company currently delivers data and analytics services to major and mid-tier banks across a broad range of sectors, and coupled with Kyckr’s unique technology, the agreement will aim to accelerate collaboration within these sectors.
The agreement comes after the launch in May of Kyckr’s online platform www.kyckr.com which provides clients with enhanced functionality for customer verification.
At midday, shares in Kyckr were up 31.25% to $0.315.