Published:
February 15, 2024
February 15, 2024
Event:
News and Articles

BankCheck Completes Successful Fundraising

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We are thrilled to announce the successful completion of our fundraising efforts, thanks to Riverside Acceleration Capital. This funding will support our growth and enable us to expand and elevate our business, with a strong focus on sales and marketing.

Please see the press release by Riverside Acceleration Capital below:

Riverside Acceleration Capital (RAC) is delighted to announce its investment in BankCheck by Lacuna Solutions. BankCheck is a world-class reference data platform that was developed in collaboration with the largest correspondent banks for payment repair and financial counterparty EDD. It enables banks, financial institutions, and government agencies to direct global payment flows securely and efficiently and mitigate the risks associated with financial counterparties.

BankCheck, the company's flagship product, offers banks and other regulated financial institutions a global database of over 28 million financial entities to streamline compliance and improve payment processing.

The global banking system is complex, ever-changing, and heavily regulated, often leading to costly and time-consuming challenges when payments fail due to incorrect or outdated information. Additionally, banks face the risk of unintentionally sending funds to or on behalf of sanctioned or compromised accounts. To address these issues, BankCheck provides data services that allow financial institutions to not only manage routing details and comply with KnowYour Customer (KYC) regulations, but also control risk related to sanctions, financial crime, and fraud. BankCheck helps reduce the occurrence of failed transactions and equips payment repair teams with the necessary resources and data to swiftly address any issues that may arise, enabling quick payment processing. By leveraging these services, banks are able to improve payment processing and ensure a greater level of operational efficiency.

Traditionally, institutions performing KYC checks and correcting failed payments have relied on manual and labour-intensive methods, involving extensive paper work, time-consuming reviews, and a fail-first approach to payments processing. Not only is this approach resource-intensive, but it also carries the risk of human error and delays, leading to inefficiencies in onboarding and ongoing operations. 

BankCheck simplifies these processes by providing real-time access to comprehensive knowledge graphs of fully integrated KYC and Payments information for the global banking industry. The dataset comprises over 320 million legal entities, it is cross-checked against authoritative sources, and enriched with information on sanctioned, watch-listed, and politically exposed persons. This enables compliance departments to quickly gather the documents needed to assess risk with minimal time spent. BankCheck also minimises any failed transactions and provides payment repair teams with the tools and information they need to quickly rectify any issues and get the payment processed swiftly. BankCheck is used by major banks across the globe, including HSBC, Royal Bank of Canada, Santander, and BNP Paribas, as well as government agencies monitoring sanctions compliance.

We are incredibly impressed with the team at BankCheck and are thrilled to partner with them as they seek to revolutionise KYC checks. The majority of the funding will be allocated to the expansion of sales and marketing efforts to support business growth.

BankCheck’s CEO Richard Brown added: “Interest in our BankCheck solution is on the rise as the landscape of compliance and regulation continues to change. With this funding, we look forward to being able to implement our growth strategy and meet increasing demand for reliable institutional KYC and due diligence.”

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