W2 enhances KYB offering through kompany collaboration

digital wallet
Source: Shutterstock

W2 has announced a strategic partnership with kompany, as the firm significantly expands access to its latest KYB (Know Your Business) offering, including global UBO (Ultimate Beneficial Owner) data, via its compliance platform.

The partnership with kompany seeks to ensure that W2’s range of clients across regulated industries have access to real-time, accurate, and audit-proof entity information directly from the primary source. 

Warren Russell, CEO & Founder of W2, commented: “Partnering with kompany is a critical strategic development for W2. Having the ability to offer our clients access to company filings and real-time business information allows for more streamlined compliance with the fifthh and sixth Anti-Money Laundering Directives and ensures that the effectiveness and efficiency of the digital onboarding journey is enhanced.” 

Focusing on the reduction of manual and time-consuming KYB processes,  it aims to provide an avenue to a seamless user experience.

Russell E. Perry, CEO and Co-founder of kompany, added: “Despite reports indicating that the global KYB market will be valued at close to $12 billion by next year, we estimate that currently only 5% of financial institutions have an automated B2B or corporate banking onboarding journey. In fact, nearly 75% of these businesses are still relying on Google searches to complete their customer due diligence. We are excited to bring our RegTech platform to W2 and empower their clients to get the best value out of their compliance procedures with the greatest ease and confidence possible.”