IdentityMind Global has announced the launch of its IdentityMind Webstore, an online RegTech marketplace that enables firms to integrate regulatory compliance functions directly into their solutions.
The Webstore is self-serve, allowing customers to select a “plugin,” test out a free demo and prepay with a credit card (virtual currencies and other payment methods will soon be available). The store’s plugins are easily customizable, all-inclusive RegTech solutions covering the key anti-money laundering functions (AML): know your customer (KYC), sanctions screening and transaction monitoring.
“In an industry first (demonstrating how IdentityMind continues to drive product and industry innovation), we’re excited to announce that the IdentityMind Webstore is open for business,” said Jose Caldera, chief products officer of IdentityMind, in a press release. “The IdentityMind Webstore is the perfect channel for small and medium-sized [FinTech firms], marketplaces, virtual currency exchanges, small lenders and person-to-person payment (P2P) firms to enhance their platforms.”
The IdentityMind Webstore gives small and medium-sized organizations access to necessary compliance functions that are otherwise expensive and difficult for them to implement.
“No matter the size of the organization, they still need to have a compliance program that is adequate and that meets the full scope of the regulatory requirements,” continued Caldera. “IdentityMind just enabled these organizations to get there faster with minimum investment, and with the value of the most advanced RegTech AML platform for FinTech in the market today.”
Currently, the IdentityMind Webstore is offering the KYC Plugin, which gives FinTech firms an affordable, comprehensive solution to meet regulatory requirements, and is integrated with more than 30 technology partners from the the company’s partner ecosystem.
In addition, the store offers the ICO Plugin, which was created through IdentityMind’s work with over 10 percent of companies operating a compliant initial coin offering (ICO) or security token offering (STO), as well as more than 25 virtual currency exchanges around the world.
“IdentityMind is an ICO’s best friend given our domain expertise and knowledge, and understanding of how to meet compliance requirements of government regulatory bodies worldwide,” said Caldera. “We know how to facilitate regulatory compliance, fast track ICO onboarding and accelerate time to revenue for our clients.”
Other plugins are scheduled for delivery later in Q4 2018 and 2019.