Evidencity’s API-driven platform, providing access to challenging languages and jurisdictions for global enhanced due diligence and compliance, ensures consistent coverage for FinClusive’s Compliance-as-a-Service offering.
ANNAPOLIS, Jan. 18, 2022 — FinClusive, a market leading Compliance-as-a-Service (CaaS) company for financial services, and Evidencity, a leader in global enhanced due diligence (EDD) and compliance services, today announced their strategic partnership to strengthen FinClusive’s CaaS offering and broaden Evidencity’s EDD services.
Evidencity facilitates access to primary source information required for global EDD and compliance to support KYC/KYB needs in emerging and edge markets, especially where reliable information is not available online, by leveraging an API-driven, cloud-based platform to connect end users with a global network of vetted and trained local professionals. FinClusive’s CaaS product is an automated and full-stack financial crimes compliance (FCC) solution that provides best in class KYC/KYB (know-your-customer/know-your-business) capabilities.
FinClusive and Evidencity share a common mission to bring banking services to traditionally underserved markets — individuals unable to or struggling with access to sustainable financial services. In particular, both companies are committed to engaging overlooked professionals around the world, who, due to local country circumstances, have not otherwise been given an opportunity for dignified work. Through this partnership, Evidencity and FinClusive bring banking services and business opportunities to small and medium businesses, and work opportunities to refugee, immigrant, marginalized, and similarly affected communities around the world. Importantly, this partnership reinforces that access to essential financial services can achieve robust due diligence, monitoring, and transparency controls.
Through leveraging a global community of local on-the-ground professionals and developing a robust training and internal compliance program, Evidencity has successfully brought to market a new way to collect primary source information in challenging and hard to reach jurisdictions and multiple foreign languages; its tech-enabled service brings manual collection efforts into an API-driven, cloud-based platform. What was previously a manual effort for KYC/KYB compliance has now been brought seamlessly into the digital regulatory compliance ecosystem.
FinClusive’s platform combines numerous best-in-class third-party services and proprietary due-diligence capabilities into one service that enables a single workflow, full-stack approach to compliance that can automatically screen thousands of sources to ensure international KYC/KYB coverage and enhanced due diligence capabilities, which minimize risk and ensure compliance. To bolster that, FinClusive takes a “boots-on-the-ground” approach across 160 countries, in emerging and edge jurisdictions where necessary, to capture sensitive off-line data, and provide a digitized way for its customers and partners to ensure full transparency of its clients and financial activities. Further, FinClusive provides a unique compliance-backed digital identity solution, which enables partners to grant unique compliance-backed digital identities, including the issuance and validation of legal entity identifiers and credentials recognized by financial services providers worldwide. This ‘utility’ streamlines compliance validation and ensures financial services of all types and wherever located can be sure their clients and counterparties are fully vetted and monitored, while ensuring privacy protections remain in place. Importantly, FinClusive’s combined accounts and payments (A&P) and CaaS stack enables growing decentralized financial services applications and capabilities with a comprehensive plug-and-play solution that has global coverage.
“Due diligence at the ‘last mile’ has been a constraining factor for many looking to provide financial services into emerging markets and jurisdictions in which such data remains offline or difficult to access. Our partnership with Evidencity helps us ensure global coverage within our CaaS stack and allows us to provide access to essential services to financially underserved individuals, entities and communities transparently and securely,” said Amit Sharma, Chief Executive Officer (CEO) & Founder. “As financial services continue to evolve into more peer-to-peer and decentralized platforms, our capabilities empower traditional service providers but also the financial services of tomorrow through decentralized, blockchain-enabled and virtual asset ecosystems.”
“I am pleased that today we can formalize a partnership that propels Evidencity into the digital banking vertical to support FinClusive’s growing number of FinTech/RegTech and Cryptocurrency customers, while servicing FinClusive’s growing number of retail clients around the world. We couldn’t be more excited about this opportunity to play a part in bringing banking services to the underserved, worldwide,” said Samuel Logan, Chief Executive Officer (CEO) & Founder. “As we bring API-driven access to challenging languages and jurisdictions, Evidencity is excited to serve the broader digital banking community with an API-driven approach to what used to be a manual requirement for global KYC/KYB checks.”
FinClusive is a hybrid financial-technology and regulatory technology (fintech/regtech) company that connects traditional banking with the power of blockchain-enabled payments and virtual asset networks — with an embedded full-stack financial crimes compliance/anti-money laundering (FCC/AML) platform. FinClusive’s compliance as a service (CaaS) is an embedded full-stack FCC/AML platform that provides global know your customer/business (KYC/KYB), monitoring and watchlist/sanctions screening, transaction tracking and analytics to enable traditional and decentralized financial services a full tool-kit of FCC controls in one application. The platform also provides compliance backed digitally verifiable credentials — and legal entity identifiers (LEIs) — to clients enabling a global-standard utility for KYC/KYB verification across networks, payment rails and financial services providers. FinClusive goes further by connecting organizations to U.S. bank of record partners (for deposit and custody services) and crypto exchange and liquidity providers (to enable conversion between crypto assets and fiat assets). Importantly, our platform is also built to be engaged by decentralized financial services (Defi), e-commerce marketplaces, and peer-to-peer (P2P) applications.
Evidencity is a tech-enabled service that facilitates access to documents and local knowledge in challenging jurisdictions, bringing emerging and edge markets into API-driven ecosystems for global enhanced due diligence and compliance. Evidencity’s products have been leveraged to bring banking services to the under and un-banked, to combat human trafficking and other organized crime-driven human rights abuses, to combat corruption, and to support responsible and risk mitigated international investments. Our direct access to primary sources for records, and other critical business information ensures a robust, transparent information custody supply chain for every request. Evidencity is a for purpose, for profit company dedicated to meaningful relationships that impact the lives and communities we serve.
Evidencity, Inc. Annapolis, MD ©2022. All rights reserved. Platform and tech covered by pending patent applications.
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