The demand for robust AML measures is escalating as global interconnectedness and complex financial transactions continue to rise, requiring effective safeguards against financial crimes.
In a digital world where regulated businesses are forever trying to combat fraud and money laundering attempts, Identitech serves to empower these businesses with easy-to-adopt anti-money laundering (AML) and know your customer (KYC) verification solutions that make customer onboarding quicker and easier.
In today’s Behind the Idea, we speak to Manoj Khetia, CEO and CTO at Identitech, to learn more about the company.
Tell us more about your company and its offering
Identitech is a technology company focused on redefining the way businesses handle identity verification and AML compliance.
We’ve developed a secure, scalable, white-label, user-friendly solution that utilises advanced technologies to deliver robust identity and AML checking in real-time.
Our solution doesn’t just bolster organisational compliance, it also streamlines processes, provides an amazing user experience for end clients, and reduces operational costs.
What problem was your company set up to solve?
We established Identitech to resolve the challenges that regulated small to medium sized businesses face when verifying identities and complying with anti-money laundering and know your customer regulations.
We observed that the existing solutions served purely to “tick a box”, were inadequate, cumbersome or expensive; but also hugely complicated for businesses without technical resources to integrate. The existing solutions also didn’t do enough to meet the needs of the end client when it came to actually carrying out these checks.
We designed our offering to be effective, but also serve as a cost-efficient solution that can easily be integrated into businesses of any size, and also to create a fantastic experience for the end client as they begin their onboarding journey with our customers.
Since launch, how has your company evolved?
Since our launch, we’ve seen fantastic uptake of our platform, which has led us to continuously innovate and expand our offering.
We’ve incorporated more functionality into our platform, improved our user interface based on customer feedback, and expanded our customer base across multiple sectors.
What has been the biggest challenge or most ‘tricky moment’ to overcome?
Our biggest challenge was the initial development of our technology.
We needed to be different and of course, balance creating a platform that was advanced enough to deliver high accuracy in identity verification, simple enough for any business to implement, faster than any solution out there in terms of implementation and usage.
It was a difficult task, but the hard work has paid off.
What are your biggest achievements or ‘proudest moment’ so far?
Our proudest moment was when we secured our first paying customer. It was validation of the hard work the team had put in, and it marked the beginning of a new phase of growth for Identitech, which in turn led to further validating our product market fit.
How would you describe the culture of your company?
The culture at Identitech is driven by a commitment to innovation, operating with integrity at all times, and showing respect in any and all interactions.
We have an open, communicative environment that encourages creative thinking and problem-solving. We work hard, but we also make sure to celebrate our successes.
What’s in store for the future?
There are some very exciting times in store for the future of Identitech.
Looking ahead, utilising our seed investment round we plan to further enhance our platform’s features, scale up, continue to improve the user experience and expand into new markets.
We’re also very excited about some digital identity ownership initiatives that we are working on, which we hope will revolutionise digital identity as we know it.
Image and article originally from thefintechtimes.com. Read the original article here.