International payments platform 3S Money has partnered with RegTech provider Know Your Customer to improve efficiency, transparency, and inclusion in financial services. Through this collaboration, both companies aim to deliver a more seamless and customer-focused onboarding experience to their global clients.

3S Money’s officials have stated that the partnership aligns with their commitment to providing convenient service to clients and speeding up the onboarding process. By using Know Your Customer’s technology, the company will be able to deliver a streamlined experience to businesses across the world. Know Your Customer’s solutions As a RegTech company, Know Your Customer specialises in digital onboarding solutions for financial institutions and regulated organisations worldwide.

Moreover, it provides a modular compliance solution that includes an intuitive digital workplace, as well as real-time registry data, seamless integration, and smart automation. The solution’s modular design allows customisation via Rest API, as customers can select and implement only the functionalities that they require. Know Your Customer’s SaaS platform and API are developed to simplify and automate corporate onboarding, KYB compliance, and periodic reviews for financial institutions. Through its real-time connectivity to company registries across 129 countries and its AI-driven shareholding data extraction and UBO mapping from official documents, the solution improves business data quality and accessibility.

Digital onboarding in banking As a response to the COVID-19 pandemic, the banking and payment sector has increased the digitisation of both front and back-office processes, with financial institutions developing third-party, technologies to enable customer access to financial services. According to Deloitte, almost all banks saw an increase in digital banking usage during this period, with Wells Fargo observing a 35% growth in remote check deposits and a 50% growth in online wire transfers. The use of digital platforms offers a variety of potential opportunities for customers and financial institutions, as well as significant transformative potential. Platforms can perform multiple functions, however, the core functionalities that they provide are improved visibility of products and services and the facilitation of contracts’ conclusion. Financial institutions can approach the introduction of a digital platform through four methods, including in-house development, partnerships among consortia of financial institutions, collaborations with technology companies, or outsourcing to third-party technology companies.

About 3S Money 3S Money’s objective is to develop a fair financial world for businesses across the globe, providing a cross-border payments platform that combines fintech solutions and improved service levels. Their customers can access global payment services and banking networks through one online account, and send, receive, and exchange money in 190 countries and 70 currencies. Back in July 2023,TransferMate entered a strategic partnership with 3S Money to strengthen the former’s global reach. Both companies’ goal is to improve global business payments, by making them increasingly fast, secure, and accessible.

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