Baanx
, the UK based mobile crypto and fiat specialist as partnered with HooYu to bolster its KYC process. HooYu is a leading player in UK’s customer onboarding and KYC technology sector. Baanx partnered with HooYu to gain access to its most prominent product HooYu Identify KYC for securing its identity verification process during onboarding procedure for its new clients. This move by Baanx was result of its compliance to UK’s latest Money Laundering and Terrorist Financing Regulation Amendment which came into effect last year. One of the major updates which came with this amendment to the regulation is addition of cryptocurrency and crypto sector businesses into scope of anti-money laundering regulatory framework. This amendment in simple terms mandates any business dealing in Cryptocurrencies and related assets to carry out due diligence during its customer onboarding process..
The team at Baanx has always sought after new methods to improve the working mechanism of their products while also ensuring that the improvements made are easy to apply and manageable for its clients. This motto has resulted in its partnership with HooYu so that its clients will still gain stable and smooth customer experience despite changes made to its client on-boarding process. The new changes made to process will see implementation of ID document validation solutions which would speed up KYC and consumer onboarding process. The fast process of document validation is achieved via HooYu’s unique strategy where it generates an identity confidence score by cross referencing the identity attributes gleaned from various sources that are provided.
Commenting on this partnership, Garth Howat – CEO at Baanx said, “It’s important that as the crypto industry matures and scales, that we all adhere to KYC regulation. That said, we haven’t chosen HooYu solely to help us comply with the money laundering regulations, HooYu also helps us to curate a smooth KYC journey and improve our onboarding success rates”.
Speaking on same note, David Pope – Managing Director at HooYu said, “It’s been great to see the rePartners With HooYu to Bolster KYC Processsults of Baanx implementing the HooYu digital KYC journey and how the HooYu UI and UX tools are helping their customers though the KYC process whilst helping meet KYC regulations”.
It should be noted that in the recent past, HooYu also partnered with Vanquis bank to digitalize their KYC processes while also speeding up their customer life cycle management process.
