Online Identity Verification Services

Meet Allpass.ai. New dedicated partner in KYC & AML for Fintech SMEs

Today marks the beginning of a new era in the Fintech SME segment for Electronic KYC. We're excited to introduce our rebranded identity – Allpass.ai. With this transformation we commit to navigate SME’s in Fintech compliance with ease. When we talk about 'navigation,' we vouch to streamline KYC and AML processes, cut down on expenses tied to manual checks required by existing market solutions, minimize non-compliance risk, and ensure SMEs can seamlessly meet regulatory requirements. Together, we will tackle the existing and upcoming regulations, including MiCA, and thrive in the diverse fintech world of digital assets, payments, exchanges, and wallets.

Becoming Allpass.ai

Electronic KYC embodied the concept of smooth verification and onboarding. Our client base included banks, neobanks, startups, and more. Recognizing the imminent changes in the SME landscape, we've tailored our services to cater to a niche with significant demand for this type of solution.

In Fintech, SMEs face a significant challenge: developing a product that meets strict regulatory requirements while aligning with market demand. That forces fintech SMEs to bear the weight of substantial investments in separate compliance tools and personnel for each task.

For SMEs in the financial technology sector looking to operate in the European Union, a recent development demands their attention: the EU Parliament's approval of MiCA (Markets in Crypto Assets) regulation on April 20th, 2023. This approval introduces new requirements, making it mandatory for virtual asset SMEs to obtain licenses. This underscores the critical need for strong KYC & AML processes.

With elKYC, we solved the problem of remote user verification, gained our first traction, and refined the technology. Now, Allpass.ai is set to revolutionize compliance processes for businesses operating in regulatory adherence, streamlining client onboarding, automating KYC & AML procedures, facilitating case management, and centralizing regulatory reporting.

Reimagining the Product Landscape

So, what's new in Allpass.ai? This integrated solution guides clients through onboarding, autonomously conducts comprehensive KYC and AML procedures, manages case records, consolidates and streamlines reporting to regulatory authorities.

But the true magic lies within our focus on an AML officer as the process owner and tailoring the solution as it takes little to no time for their efforts on each stage. Therefore Allpass.ai was developed as a single tool for compliance officers to build onboarding flows according to their KYC/AML requirements.

Having begun our journey with a mobile SDK, we're proud to unveil our latest stride: developing a web version. The web version's significance is aimed at companies that work with or operate as exchanges, digital wallets, payment solutions etc. We offer a platform customized to any business specific scale and requirements with gathering all compliance data in one place.

In line with our product philosophy, which aims to make experimentation as convenient as possible, we offer each client the opportunity to set up the tool according to their specific business flow. The company can connect and configure everything with our assistance, seamlessly transitioning to using the tool for ongoing work, thus ensuring that it's a perfect fit for their business. This approach is an integral part of our flexible distribution model, designed to provide customized solutions tailored to the unique needs of each business.

Releasing The Solution

Our focus has expanded to providing Fintech SMEs with 360 customer onboarding and compliance. These businesses operate in a landscape where innovation is the heartbeat, but compliance poses a formidable challenge.

The pain points are manifold: the need to navigate the ever-changing regulatory landscape, the complexities of compliance, and enormous penalties in case of failure to comply.

With Allpass.ai, we're addressing these challenges. Our solution is tailored to be a solid and robust comprehensive platform for all processes of Fintech SMEs, including customer onboarding and adhering to existing and upcoming regulations. Our goal is to provide AML officers with the necessary tools. By granting convenient access to data sources and retaining all the information provided by the user, combined with advanced reporting functionality, we establish a transparent workflow with no complexity usually associated with the process. Consequently, by prioritizing the compliance officer's user experience, we streamline the compliance process and reduce the costs associated with maintaining separate solutions.

In addition to providing SMEs with our data dashboards, we have the capability to integrate all required external databases based on the specific needs of each sector.

What We Want to Achieve: A New Paradigm of Growth

Our aspiration goes beyond offering a mere product. We want to catalyze a transformative shift in the Fintech SME landscape. Through Allpass.ai, we envision a future where businesses of all sizes can seamlessly comply with regulations, focus on innovation, and experience growth unencumbered by regulatory complexities.

Our mission is about advancing technology and empowering Fintech SMEs to transform compliance to be perceived as an opportunity rather than an obstacle.

As the tides of regulation shift, Fintech SMEs need a partner that understands their pain points and offers comprehensive solutions.

As we introduce Allpass.ai, we're on the cusp of a promising future. Our transformation isn't solely about us; it's about empowering you, the trailblazers in the Fintech SME sector, to tackle compliance challenges while effectively automating KYC & AML processes.