Finologee, the Luxembourg FinTech platform operator, and Harmoney, the KYC solutions provider from Ghent partnered for the joint venture under the name KYC Manager.
The link-up seeks to elevate KYC capabilities in Luxembourg with a ready-to-use digital customer onboarding and lifecycle management solution.
The hosted solution will enable Luxembourg-regulated financial institutions to accelerate their digital transformation and reshape the way they manage their clients across the entire lifecycle and in full compliance with Luxembourg’s financial industry regulations.
Raoul Mulheims, Finologee’s CEO stated: “At Finologee, we are thrilled to work closely with Harmoney to provide a pioneering digital client lifecycle solution optimised specifically to meet the growing needs of our Luxembourg financial industry clients.
“We believe that this partnership is the right answer to current digitisation and optimisation challenges, providing a compliant access to Harmoney’s ready-to-use KYC solutions that are neatly integrated with our APIs and KYC components. It will dramatically transform end-to-end client journeys and life cycles, for client onboarding, remediation and other KYC processes and lead to enhanced experiences for all stakeholders.”
KYC Manager is a modular platform built by Finologee and Harmoney that enables banks, insurance companies and other institutions subject to anti-money laundering obligations to optimise the management of KYC-related processes, files and data sets. By connecting systems, data and the three stakeholders of every KYC procedure (the end-customer, the front-office and the compliance department) on the same platform, the joint product helps firms become truly customer and employee-centric.
By bringing digital elements into KYC processes, from onboarding to KYC remediation and periodic reviews, financial institutions can become more agile and substantially reduce processing-time and costs, while maximising their operational efficiency across the board.
Thomas Van Maele, Harmoney’s CEO added: “This partnership reveals how important the development of KYC management has become in the past few years. Regulations are crucial for our clients and that is why we joined forces with Finologee.
“Our state-of-the-art KYC technology fully integrated with Finologee’s compliant hosting underscores our commitment and aligns to our strategy of expanding our KYC solutions ecosystem to Luxembourg with a best-of-breed partner.”