Milestone (AIM: MSG), the AIM and Social Stock Exchange quoted provider of digital media, technology and social impact solutions announces that Black Cactus Holdings, its joint venture partner in Nexstar, a subsidiary of Milestone, has launched a KYC (Know your customer) and AML (Anti Money Laundering) platform.
The new platform is part of a fintech solution designed to be used by those organisations involved in banking, gaming, insurance and card programmes amongst others. The platform ties into a number of major global databases to carry out background checks on both individuals and Corporates, these include criminal records, financial & personal history, sex offender registries, employment and payroll services databases, insurance and all other KYC and AML requirements.
The new KYC and AML platform has been developed to significantly reduce the processing time for each full background check application from weeks to days, making it more business responsive.
The release of the product to the UK and European marketplace via Nexstar is to be accompanied by a marketing campaign commencing on 1st July 2017 with a mobile version scheduled to be released in August 2017, this will embed biometric capabilities and computer vision for facial recognition. Nexstar will charge clients a fee per case processed and an ongoing monthly fee, which will be determined separately for each client offering the Company an opportunity for immediate revenue generation.
The KYC platform has been designed to work on traditional banking and financial systems as well as new fintech technologies with a strong bias towards blockchain, hyperledger, cryptocurrency and internet of things following several years of development.
The product has been in development and pre-release in North America for the past year, and has been used by over 200 companies as part of that process. A list of these companies can be found at https://www.blackcactusholdings.com/kyc-aml
This platform has initially been created for the fintech sector, but with increased concerns over global security, is a landmark development bringing security checks and KYC into a real-time capability for all sectors, substantially expanding our potential market base for the product.
Deborah White, CEO of Milestone commented:
"The KYC platform, which will be marketed by Milestone Group and its subsidiary Nexstar is a significant leap forward for organisations globally keen to have the KYC processing time brought down from the current average of 3 weeks. Having the ability to process this in a matter of minutes, safe in the knowledge that the time reduction has also been made more secure through the use of hyper ledger, is expected to interest many organisations globally."
Know Your Customer (KYC) is the process of a business identifying the identity of its clients. The term is also used to refer to the bank and anti-money laundering regulations that govern these activities. The objectives of KYC guidelines are to prevent banks from being intentionally or unintentionally used by criminal elements for money laundering activities.
Nexstar, a joint venture entity between Milestone and Black Cactus, is a technology provider delivering fintech, blockchain, hyperledger, cryptocurrency and digital entertainment solutions. The Nexstar platform is designed to meet the needs of clients, offering access to unique financial technology, which has global regulatory as well as transactional (downloadable) content from a number of global providers.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information:
Milestone Group PLC
Tel: 020 7929 7826
Cairn Financial Advisers LLP, Nominated Adviser
Liam Murray/Sandy Jamieson
Tel: 020 7213 0880
Hybridan LLP, Broker
Claire Louise Noyce
Tel: 020 3764 2341
Walbrook PR Limited, PR
Gary Middleton / Paul Cornelius
Tel: 020 7933 8780