KnowMeNow named ‘NATIONAL WINNER’ in prestigious European competition

KnowMeNow has been named ‘National Winner’ in the 2019 European Business Awards, one of the world’s largest business competitions. 

It was chosen from 2,753 businesses named as ‘Ones to Watch’ in a list of business excellence published in July and selected as a National Winner by a panel of independent judges including business leaders, politicians and academics. It is the best business in Malta in the category “The New Business of The Year” Award and will now go on to represent Malta in the final stage of the competition. 

KnowMeNow co-founder Godwin Schembri stated: “We are delighted that our efforts for leading change have been recognised at a European level by the European Business Awards.”

“This is a significant achievement and KnowMeNow is an outstanding leader in their field. To be chosen as a National Winner means you show great innovation, ethics and success and are one of the best businesses in Europe. We wish KnowMeNow the best of luck in the final round”, said Adrian Tripp, CEO of the European Business Awards.

KnowMeNow will head to Warsaw, Poland on the 3rd and 4th of December to complete a final round of judging and attend both a Summit to engage in business issues, and the Gala Ceremony where the overall category winners for the 2019 European Business Awards will be announced.

About the European Business Awards: 

The European Business Awards is one of the world’s largest and most prestigious cross border, cross sector business competitions. Its primary purpose is to support and develop a stronger, more successful, innovative and ethical business community in Europe, as it believes businesses play a key role in addressing major issues faced across the world.

More information and the full ‘National Winners’ list can be found at www.businessawardseurope.com.

KnowMeNow named as one of Europe’s best in ‘Ones to Watch’ list 2019.

KnowMeNow has been named as ‘One to Watch’ in Europe in a list of business excellence published by the European Business Awards, one of world’s largest and longest running business competitions.

KnowMeNow was chosen as it demonstrates exceptional achievement in one of the 18 European Business Awards’ categories and reflects the programme’s core values of innovation, success and ethics.

Godwin Schembri, CTO of KnowMeNow, said:

“We are pleased to be recognised on the ‘Ones to Watch’ list among so many inspiring companies. We are driven by the need to solve problems for our customers through innovative solutions we build and recognition like this helps us promote emerging technologies as an efficient alternative to outdated anti-money laundering and KYC procedures. To represent Malta in the European Business Awards is a privilege and testament to the team’s talent and expertise.”

Adrian Tripp, CEO of the European Business Awards, said:

“The companies chosen as ‘Ones to Watch’ are the most inspirational, successful and dynamic in Europe”

He continued: “The talent and tenacity at the heart of these businesses creates jobs and drives Europe’s prosperity. This ‘Ones to Watch’ list of excellence is a benchmark of success for the rest of the European business community.”

Companies on the ‘Ones to Watch’ list come from all sectors; from manufacturing to retail, agriculture to technology, and all sizes; from start-ups to billion euro businesses.

The European Business Awards is now in its 12th year. Last year it considered over 111,000 businesses from 34 countries. Sponsors and partners include Inflexion, Germany Trade & Invest and PR Newswire. 

About the European Business Awards: 

The European Business Awards is one of the world’s largest and most prestigious cross border, cross sector business competitions. Its primary purpose is to support and develop a stronger, more successful, innovative and ethical business community in Europe, as it believes businesses play a key role in addressing major issues faced across the world.

More information and the full ‘Ones to Watch’ list can be found at www.businessawardseurope.com.

5 Ways To Improve Your KYC Processes

Know Your Customer (KYC) processes provide the backbone of sound regulatory compliance measures for corporations and financial institutions. We know however that your due diligence processes are out-dated, inefficient, and costly – and up until now, there were few options that offered a viable solution to changing these procedures for the better.  

Typical KYC protocols involve a time-consuming practice of information gathering and processing. With onboarding delays on the rise as more rules are added to the KYC regulations, businesses are losing more than half of potentially new clients during the registration process alone. The existing labour intensive processes are resulting in increased costs, errors, duplication of effort across multiple platforms –and loss of rrevenues. Consumers expect a better, more user friendly and less repetitive experience. 

 [1]

Finally, after years of operating in the AML and KYC business, we have established a new way of processing KYC requests – #TheKnowMeNowWay. Through the use of blockchain technology, we at KnowMeNow have redesigned the way you perform your KYC checks, turning the current process on its head by ensuring your consumers are already verified when they register for your services.

KnowMeNow’s trusted blockchain technology brings new ways to perform your customer due diligence in a highly compliant manner and brings benefits to both consumers and businesses.  Below, we are outlining 5 ways on how our solution will upgrade your KYC process.

1. Quality KYC

Our KYC service is not just a tick box exercise, but is based on our 15 years of anti-money laundering experience. Making use of both manual and automated checks, it is time efficient and reliable. We use advanced imaging technology, however given our nature and the wider risk landscape, we still opt to use manual (i.e. human) interaction to ensure a truly fraud proof solution.

2. A frictionless & streamlined process

Customers looking to sign up for a service argue that most KYC procedures create friction and result in a poor user experience. This often results in them abandoning the process and looking for an easier alternative.

KnowMeNow allows you to offer your customers a user-friendly solution that automatically enhances customer relationships from an early stage, leading to greater customer satisfaction and an increase in customer acquisition. Thus, removing time consuming and admin heavy checks associated with KYC creates a more simple and efficient experience for your customers.

3. Reusability

Customers are frustrated with the number of times they are asked to provide the same personal information to different businesses over and over again in order to be able to make use of a service. 

One of the most unique features offered through the KnowMeNow application is the reusability of their verified identity. Think of it as a “one-time” KYC process that can be reused instead of having to go through the same process over and over again when registering for a service.

Through the KnowMeNow App, users easily upload various KYC documents, have them verified in minutes and are ready to instantly share these details with your business and all other participating businesses, eliminating the duplication of effort for your customers.

4. Time & Cost saving

It is well known that KYC costs are skyrocketing.

KnowMeNow’s solution transforms this onboarding journey from days to seconds. That’s right, you read correctly – since your customers are already verified, the time and costs surrounding KYC measures will be drastically lowered.

With information gathering and verification done once, KnowMeNow is saving businesses a huge portion of time, cost and effort through our trusted and decentralised technology. We provide you with up-to-date verified customer data so that you do not need to waste time on screening and verifying them again…and your customers will thank you for it.

5. Reducing Fraud

Given the continuous growth of e-commerce, identity fraud has become a major issue. Personal identities are continuously being exploited by cyber criminals who target central large repositories of KYC providers to run away with millions of real identities.  

At KnowMeNow we are well aware of this issue and have designed a truly decentralised solution using advanced blockchain technology to ensure our service is not collecting millions of identities in a central repository. We do not store your customers’ personal data. We do not even know what data is shared with you as this is shared directly with you from the customer’s phone and encrypted with your public key to ensure only you, as the intended recipient can open it. This will raise the trust that your customers have in your business and lower the risk of your customer having their data stolen when compared to other centralised services.

[1] Source: Thomson Reuters: Reference source

Money 20/20 Europe- Amsterdam

In just a few days time, KnowMeNow will be heading to Amsterdam for Money 20/20 Europe. Here the masterminds within the financial services, FinTech community and payments industry will come together to pioneer the future of money. 

KnowMeNow offers new features in a smart solution that will solve your compliance needs and substantially lower related costs. With 15 years experience in KYC/KYB/AML solutions, we know first-hand the true pains linked to these processes. This is why we came up with a completely new proposition that is proving itself in offering:

  • Enhanced compliance features
  • Improved customer experience
  • Instant customer due diligence and registrations
  • Lower abandonment rates
  • Global coverage 
  • Frictionless customer onboarding

Using open blockchain technology, we allow the user to keep their identity credentials on their smartphone for reusability with other service providers. Lead the new trend of customer-centric services and you customers will thank you for it. 

Visit us at booth V22!

Malta AI & Blockchain Summit – 2019

The Malta AI & Blockchain Summit returned again this year and it was yet again a satisfying experience for our team!

The event provided an excellent platform for global industry leaders and stakeholders in the AI and Blockchain industries to come together and discuss about the revolutionary potential application of technologies including Blockchain, AI, Big Data and IoT.

The KnowMeNow team was very busy answering queries about its decentralised blockchain-based KYC solution and discussed its various applications in different industries.