The startup offers an online compliance platform that utilizes a video chatbot for rapid customer identity verification and mobile snapshots for onboarding. It enables payment service providers, banks, e-commerce, and gambling operators to efficiently implement Know Your Customer (KYC) programs by providing real-time name screening against sanctions and Politically Exposed Persons (PEP) lists, along with risk assessment capabilities.
Funding
$990K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Payment service providers, banks, e-commerce platforms, and gambling operators face increasing challenges in efficiently implementing Know Your Customer (KYC) programs to comply with regulatory obligations. Traditional KYC processes can be slow, costly, and prone to errors, leading to friction in customer onboarding and potential regulatory penalties.
Solution
AlgoReg offers a suite of modular KYC solutions designed to streamline customer onboarding and ensure compliance with Anti-Money Laundering (AML) and Politically Exposed Persons (PEP) regulations. The platform leverages technologies such as video chatbots for identity verification (Go!Vid), automated scanning against global watchlists (Go!Scan), and customizable risk assessment tools (Go!Risk). These components can be integrated via API into existing workflows or used as a zero-code solution, enabling businesses to automate identity verification, screen against sanctions lists, assess risk, and manage alerts through a centralized case management portal. Algoreg's solutions support a wide range of identity documents and languages, incorporating advanced false positive filtering to reduce operational impacts caused by false alerts.
Target Audience
AlgoReg primarily serves payment service providers, banks, e-commerce platforms, online gambling platforms, and cryptocurrency platforms that require robust and efficient KYC solutions to meet regulatory requirements and reduce operational risks.
Features
- **Go!Vid:** Automated and customizable video-based identity verification with voice scanning supporting 100+ languages and 1,000+ identity documents.
- **Go!Scan:** Daily screening against 10,000+ global watchlists, including PEP, RCA, SIP, and State-Owned lists, with multi-alphabet matching.
- **Go!Risk:** Customizable risk assessment tool with decision trees for AML risk scoring and ongoing due diligence, integrated with webhooks for automated actions.
- **Zero-Code Integration:** Ability to create a link from the Algoreg back office for customer onboarding via email or SMS.
- **API Integration:** Simple JSON public API and iframe integration options for seamless integration into existing back-office systems.
- **Case Management Portal:** Centralized platform for managing alerts and customer data.
- **Advanced False Positive Filtering:** Reduces operational impacts from false alerts during watchlist screening.
- **Secure Infrastructure:** Data encryption in transit and at rest, built by security engineers from companies like PayPal and eBay.