CycurID Disrupts the High Cost of KYC
VANCOUVER, BC, Aug. 4, 2022 /CNW/ - CycurID Technologies Ltd., ("CycurID" or the "Company"), is pleased to promote their KYC Pricing Packages to all businesses.
CycurID (pronounced "Secure ID") is a cybersecurity company that has developed a proprietary, reusable Personal Identity Management System that allows for the deployment of innovative identity-based applications and solutions that address the extensive shortcomings which currently exist with KYC/AML measures, authentication, ID theft and privacy. CycurID's software incorporates Artificial Intelligence, Biometric Encryption and Zero-Knowledge Protocols with no sharing of personal information as third-party software is not used in the validation and verification process.
Gord Jessop, CycurID Co-founder and COO said, "We believe that the KYC/AML screening process should be affordable for all companies and not be a cash flow killer. The KYC/AML market has evolved to a point where it is an industry unto itself, and the fees most companies are charging are exorbitant. Our KYC/AML solution is automated, secure, continuous and extremely cost effective. Our solution requires a simple API integration and is platform agnostic, meaning that businesses do not have to invest in extra hardware or cloud servers to deploy an effective 2FA or KYC/AML solution."
Jessop's comments reference news and commentary from Binance, which has stated the high costs that Binance and other businesses can incur when trying to meet current KYC/AML compliance and regulatory requirements.
Current KYC/AML providers are not stemming the tide of identity theft, or money laundering. It is estimated that money laundering costs the world economy between 2% to 5% of its GDP and identity theft has become one of the top money laundering trends. Anti-money laundering activities recover only 0.1% of criminal funds indicating that current KYC/AML procedures are ineffective.
"We ae aware that rigorous KYC/AML protocols are critical steps in both fiat-based and crypto-based transactions but current solution providers are not solving the problem. CycurID rethinks the entire approach to KYC/AML and is a critical first step in providing a better solution."
CycurID pricing packages are low-cost, ensuring that KYC/AML is affordable for companies of all sizes:
"Our identity verification and crypto monitoring solutions go well beyond just being KYC/AML tools," Jessop said. "Our technology is a secure, cost-effective step in the overall process and enables businesses to be more proactive."
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SOURCE CycurID Technologies Ltd.