Leading UK technology companies join forces to deliver a ground-breaking real-time digital ID & eKYC risk assessment solution for the banking industry

STOKE ON TRENT, England, April 18, 2020 /PRNewswire-PRWeb/ -- Two leading UK based technology companies, Synectics Solutions and Yoti who specialise in delivering digital identity and financial crime risk management solutions today announced a strategic partnership. This will enable them to pilot a ground-breaking electronic digital identity and risk assessment (eKYC) onboarding solution for the financial services sector.

Synectics Solutions and Yoti announced the partnership pilot, called Project Endeavour, which will also be supported by intelligence from Dow Jones Risk Solutions and the regulatory and compliance division of Eversheds Sutherland – Konexo.

Endeavour is anticipated to break new ground in helping financial services companies increase their ability to access a young and digitally savvy market segment, via a third party digital marketplace. It will also reduce the cost and time it takes to digitally verify a potential customers' identity and perform real-time due-diligence checks as part of a comprehensive eKYC risk assessment.

The first stage of the pilot for the initiative will see Yoti and Synectics reach out to a number of key financial institutions in the UK, who may be interested in using the solution to take advantage of Yoti's access to a highly attractive digital marketplace of customers - and who want to significantly enhance their digital customer acquisition and eKYC onboarding capabilities.

Endeavour will use an already well-proven digital identity platform, provided by Yoti, to successfully onboard new customers. It will then include a full real-time customer due diligence (CDD) assessment, by following an agreed methodology, aligned to any participating institutions' risk and compliance requirements.

Synectics financial crime risk management platform, in conjunction with data from National SIRA and Dow Jones Risk & Compliance data sources, will be supported by the regulatory compliance consulting team from Eversheds Sutherland (Konexo) to complete this new digital ID&V and eKYC proposition.

Despite the operational challenges posed by the current COVID19 pandemic, the Endeavour Team at Yoti and Synectics are intending to pilot the solution with participating institutions in 2020, and then work with these organisations to expand the vision and scope of the solution into 2021 and beyond.

Gareth Narinesingh, Commercial Director at Yoti commented, "Endeavour crystallises a new commercial partnership between Yoti and Synectics Solutions to create undoubtedly the most sophisticated anti-fraud solution in the UK."

"With best in class digital identity, anti-fraud and AML risk screening data services, both Yoti and Synectics technology platforms complement each other perfectly and we believe that we offer
regulated firms the best possible opportunity to balance regulatory compliance with a unique customer acquisition channel through our combined tech solution."

Russell Mackintosh, Synectics Solutions Head of Partnerships, also commented; "We're delighted to have partnered with Yoti on the Endeavour initiative. The young, digitally native generation that financial institutions are increasingly seeking to acquire as customers expect a fast and smooth digital customer journey. One essential ingredient when these institutions are boarding customers at speed is trust. Together with Yoti, and the data assets that Synectics is uniquely positioned to supply, I'm certain that the Endeavour service will be something that many banks and other financial service providers want to engage with to help them improve their ability to deliver that trust."

SOURCE Synectics Solutions