Intervju med Timm Schneider, vd för ZignSec

1. Where are you right now and what do the next few years look like?

ZignSec is one of the first RegTech listed on NASDAQ First North in October 2019. We have started our service with a simple to integrate API aggregating European eIDs. Since we have evolved to a SaaS provider offering a one-stop-shop solution for companies in regulated industries worldwide to digitize, optimize and automate compliance processes. At the moment, most of our services are in the field of customer onboarding, due diligence, and monitoring within our clients' local and global regulatory requirements.

We provide an extensive range of different global methods that, on one side, can identify and verify individuals, a process that is commonly known as KYC (Know Your Customer) but can also perform very comprehensive due diligence and company reports known as KYB (Know Your Business). We include AML (Anti Money Laundering) checks for these areas. On top of the verification business, we also engage in developments utilizing our platform in the public sector or regulatory audit projects.

We focus on regulated businesses because they naturally need our services and must strictly comply with various regulations to keep their license active. We help them to unify and optimize related efforts so they can focus on their core business.

When speaking about our platform, you can think of a highly configurable workflow engine capable of automating everything from simple end user-facing services such as a Bank ID or biometric KYC check verifying a person online but also much more extensive and complex parts of automating our client's back-office processes.

Our clients and shareholders can expect more standardized workflows specific within a market or industry. Through volume aggregation, we ensure the best price for our clients while optimizing our margins. We continuously enhance our platform with new country and industry-specific methods or specialized services like AI-powered document forgery checks. This way, our clients can always be sure that they get the best available service worldwide through our unified interface. Soon we will launch a new portal where our clients can signup and configure their workflows and checks even more straightforward than today. In the future, it also makes sense to extend our offering with additional services such as transaction risk management or other services that our customers need to stay compliant. 

2. Can you name an example of such a business automatization or workflow in your context. We see many KYC providers these days saying they automate the onboarding process

  How do you differ from them?

That’s correct. Multiple providers selling to automate the onboarding or customer verification process but most only automate the small part of a biometric check combined with some register checks. This is a fraction of a much longer compliance process. Many providers are specific to a geographic region or industry. This is exactly where we come into play and aggregate multiple solution provider into a whole new workflow according to our client’s specifications. The best way to identify a person in Sweden is not the best way to identify someone in Greece or Malaysia. Still, our clients run a cross-border business with a need for high accuracy in every market they operate.

A great example of a complex business process we have automated using multiple sources is a mobile first loan application that includes the banks credit risk scoring and income analysis, the applicants identity verification and contract creation including signing with a full qualified (QeS) e-signature. The whole application used the bank's branding and was made available without writing a single line of code except redirecting into our infrastructure. If the bank starts to offer their product in a different country, it is no problem to exchange single elements with various sources depending on the country.

3. Tell us a little about your visions. Where are you going?

ZignSec shall become the number one compliance solution aggregator for regulated businesses. We are a solution agnostic infrastructure provider that can mix and match any specialist supplier in a new workflow that then exactly matches our client’s requirements. We are very focused on getting our service promoted to our target clients.

Today, we already operate globally and are connected to many specialized suppliers globally to make them available via one easy-to-consumer interface. The beauty of our platform is that we can rapidly expand in every market without scaling up employees or IT at the same speed we integrate new services. So, it is very important for us to maintain a close relationship with all our suppliers, but we don’t need to run and maintain the costly system behind.

We can pick and choose from the best suppliers globally and then combine them into the best available workflow. If one supplier has a problem delivering in a specific country or our client has chosen a different solution, it is effortless to adapt.

4. What can a shareholder expect from you as a company?

Our shareholders can expect a continuously fast-growing tech company driving innovation in the compliance industry on a global scale. We have taken place 12 in this year’s Deloitte Sweden Fast 50 and look back on a 374% increase of revenues from Q3 2020 to Q3 2021. We have a communicated build and buy strategy where we will choose wisely when to build and when to buy. The ZignSec Group, to name a few, provides services to regulated industry leaders such as Trustly, Schufa, Wise, Paysafe, Nuvei, Unzer Group, Betfair, Entain, or Worldline and runs enterprise development projects such as communicated with Deloitte Germany or the Government of Malta. We get a deep understanding of the latest regulatory developments and available technologies globally through our customers. Now that our combined group services are consolidated and made available through a new core platform, we can tackle new clients and deploy new services even faster than last year.

Connected clients can easily grow and consume more and more services over time without additional effort. We will make sure to add more suppliers to support that growth.

During the first half of 2022, we will launch our new SaaS Portal that seamlessly presents all solutions from the ZignSec Group, making it very easy for all existing and future customers to pick and choose multiple products.

Visitors to our website will be able to create an account, log in and get access to our global offer of workflows and compliance solutions. We will include our "NO-CODE Compliance Manager" making it easy to drag and drop compliance processes without coding know-how, as well as a Knowledge Center for a better understanding of country-specific regulations.

Read more about the new SaaS portal here.