Customer onboarding and KYC RegTech firm, HooYu has announced a partnership to power KYC for new neobank Muniy as the firm strengthens its UK entry.
Looking to innovate within the neobanking sector, Muniy has outlined plans to bring banking to a third of adults that remain unbanked globally. As a digital-only bank, the firm’s aim is to offer banking in an intuitive and simple user interface that makes finance easy.
Jeremy Suarez, CEO and co-founder at Muniy commented: “Only half of the world has an active bank account and we want to change that. We want to increase not just the ease of access but also the ease of interaction for financial services. At the same time, we need to guard against financial crime and ensure AML compliance. To do that we’ve teamed up with HooYu so we can verify identity documents from all over the world.”
HooYu was selected to deliver ID document validation, PEPs and Sanctions screening, and facial biometric checks. These checks are integrated into the customer onboarding process and are delivered in real-time to ensure compliance with AML requirements and speed up account opening.
David Pope, Marketing Director at HooYu added: “At HooYu we power onboarding and KYC for great challenger banks looking to increase access to financial services and transform banking. The team at Muniy have a great proposition and ideas for how to transform the banking experience not just for consumers but also for merchants and lower transaction processing costs.”
Expert Analysis: Muniy’s focus on providing financial inclusion and banking the unbanked is admirable and much needed within the sector, furthermore, strengthening its UK entry with KYC from HooYu means the group is in a strong position to enter the market.
