Delta Capita bolsters KYC services with JJCFinTech partnership

21 March 2019 Consultancy.uk

Business & technology consulting firm Delta Capita has agreed a partnership with London-based FinTech firm JJCFinTech. The deal sees the two players collaborate on a range of regulation and compliance topics in the financial services industry.

At a time when the regulatory burden on financial services is growing fast, long-term market incumbents are facing new tech-savvy competition eating into their market share, as new entrants are able to comply to new rules in a more agile way, while also using this as an opportunity to improve their services. Know Your Customer (KYC), for example, can take up to two days to comply with at a traditional bank, but at challenger banks it takes place in minutes. As a result, banks now need to combine compliance with customer service – something driving demand for consulting services in the sector.

Delta Capita is headquartered in London. The consulting firm, which was recently ranked as the fastest growing FS consultancy in Europe according to the 2018 Financial Times 1000 index, is dedicated to the financial services industry, and serves clients from offices across Europe, Asia and Africa. As it looks to improve its KYC services for its clients, the firm has joined forces with JJCFinTech to form a joint venture on the matter. Under the arrangement, JJCFinTech has become a JV partner to Delta Capita’s KYC services business – first established through its strategic alliance with Fenergo.

Delta Capita bolsters KYC services with JJCFinTech partnership

Commenting on the news, Joe Channer, CEO of Delta Capita, said, “The collaboration brings additional expertise and acceleration to our KYC services business. JJCFinTech’s experience in the KYC space is unrivalled, with their knowledge and contribution to the strategic direction and management of the business, we are positioning ourselves for success.”

The combined service created by the partnership represents a CLM, robotic data sourcing, Screening, Analytics and Transaction Monitoring solution in one coherent ecosystem. As a result, Delta Capita clients will be able to avoids huge investments and the long lead times involved in forging such a chain for themselves. Delta Capita’s pre-integrated platform and managed service operations will instead allow clients to quickly address the pain points in their KYC and AML processes to improve compliance, digitise the customer journey and optimise their operations and technology in a commercially attractive way.

Channer added, “Banks can no longer afford to act in a proprietary way when investing in non-differentiating common functions such as KYC. Delta Capita’s KYC service offering gives Clients access to an industry standard platform powered by leading technology on an outsourced operating model. Unlike other market offerings we are looking to provide a complete end-to-end solution that really takes the management burden and complexity away from the client. We achieve this by providing compliance as a service, with flexibility to scale and ability to reduce cost through platform mutualisation.”

New partnership

As part of the agreement, Jon May, JJCFinTech CEO has joined Delta Capita’s KYC business Board of Directors as COO. May is a regulatory compliance expert who previously held the role of CEO at KYC.com, MD Group Head, Regulatory & Compliance Services at IHS Markit, and prior to that, several senior roles at Goldman Sachs including MD Global Head of Client Onboarding and Client Data.

Commenting on the partnership, May said, “This partnership offers something different to firms that are looking to transform their KYC/AML operations and technology without the burden of bringing together the components themselves. Our managed service solution is a pragmatic approach aimed at banks and investment firms that want a standardised platform quickly. We are blending JJC’s practical experience of having run KYC/AML functions at the industry’s leading banks, with Delta Capita’s strong track record of delivering and operating managed services for tier 1 firms and the Plato consortium.”

Delta Capita have been significantly investing in expanding their managed service product offerings in the areas of KYC, Pricing & Risk Valuation and Securities Finance, since their successful lift out of Credit Suisse’s Structured Products EMEA platform in 2017, which now services several banks under a managed service model. It has also been leveraging acquisitions to boost its securities finance offering, recently purchasing consultancy The Field Effect.

Related: Tackling financial and economic crime through banking collaboration.


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