MEDICI now! Startup Stories highlights the companies that are shaping the new financial technology industry. Keep an eye out each week for new stories! If you or someone you know should be highlighted, send us a note. Without further ado…
Company Name: W2 Global Data
Name/Title: Warren Russell, Co-founder &CEO
Industry Segment: Automated eKYC, online AML, Sanction & PEP background checks
Target Market: Global
LTP: Warren, please, tell us about yourself.
Warren Russell: I am the Co-founder and CEO of W2 Global Data (W2). When I met my co-founder back in 2008, we came together through a common goal in recognizing a gap in the market for automated eKYC, online anti-money laundering, and Sanction & PEP background checks – all from one supplier with an easy to use customer interface. W2 was incorporated as a company in 2011 to address this need and the business has been very successful and has grown year on year.
LTP: Give us a paragraph pitch for your company.
WR: W2 provides a wide range of SaaS screening tools to help organizations conduct regulatory Know Your Customer (KYC), Anti Money Laundering (AML) and fraud prevention due diligence. Services include ID and age verification, PEP & Sanctions screening and device location or reputation management. Our service is not limited to a specific country; we operate on a global scale.
LTP: In a sentence or two, what problems are you solving today?
WR: Organizations are obliged to conduct KYC (Know Your Customer) due diligence on all consumers applying to open an account. This practice has become routine at the start of a client on-boarding process. In addition, ongoing monitoring of the existing customer-base is essential as the initial KYC due diligence conducted at the point of application is ‘perishable.’ Clients tell us that the W2 approach to cost-effective options by staged search management, together with the solution providing Disaster Recovery backup options all from one service platform, sets W2 apart from others in the industry.
The cost of non-compliance has an impact on the bottom line as new regulation affects more businesses and authorities are determined to enforce them with large fines for non-compliance. The reputational impact of non-compliance is just not going to be acceptable to any business.
LTP: Who are you selling to?
WR: W2 supports a wide range of clients in the regulated, government and business community across the globe, and is primarily focused on selling to the payments, e-gaming, legal and foreign exchange markets.
LTP: How does W2 Global Data differentiate itself from its competitors?
WR: We have partnered with some of the world’s largest data providers to ensure our customers get a selection of data providers with simple access to reliable information – all from one contract with W2. We own our products and offer flexibility and configuration for access to different data sources.
Also, we can add new data sources as and when required and checks are carried out in an agreed logical sequence that makes the most commercial sense for each company/user. On top of this is BSMART™, an innovative product in the marketplace putting us in the enviable position of being able to offer a truly end-to-end solution.
W2 solutions require minimal implementation and simplify how organizations conduct screening automatically at the frequency the business requires. There is also resilience and a back-up process to allow for alternative data sources if others are unavailable.
LTP: Your next milestone?
WR: We are currently running several key projects, updating our existing product range to allow us to continue to meet customer needs, exceed expectations and stay at the forefront of the FiTech and RegTech industry. One of our key milestones relates to the development of a new version of our ongoing monitoring product, BSMART™ which will be available in the coming months.
LTP: Anything else you would like to share with our audience?
WR: W2 has grown from strength to strength in the last few years and the recent substantial investment will allow our business to establish its position as a key world player in the field.
LTP: Thank you, Warren!