RapidCompute and Idenfo recently signed a partnership to collaborate and provide an integrated “platform-as-a-service” Anti Money Laundering KYC (Know Your Customer) solution to the Pakistani market.

The agreement paves the way for the provisioning of a holistic “e-KYC” solution for all types of financial institutions in Pakistan. It brings together Idenfo’s pioneering document verification, name screening and risk rating technology on RapidCompute’s cutting-edge cloud platform. Via simple API integration, an institution will be able to integrate its customer on-boarding channels to provide real time KYC verification for all new and existing customers. It will also allow the organization to fulfill both national and international compliance regulations backed up by RapidCompute’s international data and network security standards.

Raza Abidi, Co-Founder of Idenfo said, “We are absolutely delighted to be signing this deal with RapidCompute. As a company with a strong local presence through both our software development and consultancy capability, Pakistan is absolutely central to our vision. Leveraging our solution on the RapidCompute cloud gives us the capability of providing our services to all financial institutions in Pakistan, regardless of their size or domain. This deal also provides a benchmark model for our deployment in other markets and we are already working with RapidCompute to expand this model overseas.”

The Idenfo platform is a pre-defined but configurable, modular e-KYC solution that is affordable, easy to integrate and offers best in class protection. Its deployment on the RapidCompute cloud is tailored specifically for Pakistani financial institutions. This is via its integration with local and relevant international sanctions and PEP lists, its capability of supporting on-boarding via NADRA cards and a preset risk based approach relevant to Pakistani customers. These configurations can be further tailored according to the risk appetite of each institution.

With RapidCompute being Pakistan’s leading local cloud service provider and powering the mission critical applications of hundreds of enterprises all across the country, it is the ideal partner for Idenfo in providing these e-KYC services.

Imran Khan, Managing Director and Co-founder RapidCompute said, “We are delighted in partnering with such a flexible and robust AML solution provider. Idenfo provides best in class consultancy solutions and we’re excited to work with an institution that is aiming to digitalize KYC and AML compliance for Pakistani financial institutions. By deploying their solution on the cloud, we’re confident Idenfo can take advantage of our scalability, ease of operations, lower capital costs and resilience.”

RapidCompute is a division of Cybernet and a member of Lakson Group. It has been Pakistan’s trailblazer in offering cloud computing, networking services and management tools for digitizing all areas of business and industry. The oldest cloud provider in Pakistan provides organizations with data and network security that meets global standards by being the only local CSP to be PCIDSS3.2 and ISO 27001:2013 Certified, as well as being GDPR Compliant.

Idenfo is a fintech company providing best in class consultancy and digitalising KYC and AML compliance for financial institutions. Our consultants work with financial institutions to increase crime fighting capability, seed a sustainable compliance culture and ensure processes are aligned with the latest regulatory expectations.