Nivo named as one of the UK’s leading compliance technology creators as it is ranked in the top five in the 2023 RegTech 50
Fintech leaders Nivo has been named as one of the most innovative compliance technology creators for 2023, achieving 5th place in Business Cloud’s RegTech50 rankings.
The RegTech 50 is an annual ranking of the best UK companies creating original technology for regulation, compliance and fraud protection. The final ranking was decided by a combination of selections from an expert judging panel and a public vote on the 78-strong shortlist.
Other companies in the 2023 RegTech 50 include Encompass in 14th place, SmartSearch in 16th place and iProov in 29th place. Being ranked above such renowned fintech providers demonstrates just how highly regarded Nivo’s work is in the regulation, compliance and fraud software industry.
Nivo has largely focused on transforming UK lending and broking businesses, shaping the way customers, lenders, and intermediaries interact. Its app-based solutions offer features including biometric ID verification and secure, instant Verified Identity Messaging (VIM) technology which replaces paper, post, email, and other time-wasting and unsecure channels, allowing providers to design a better, safer service for customers and third parties.
More recently Nivo has begun developing intuitive and time saving digital solutions to enable banks, insurers and other financial services providers to complete their Know Your Customer/Know Your Business (KYC/KYB) refresh more efficiently using their Verified Identity Messaging technology to streamline and simplify the process. Nivo estimate that the larger Banks could be spending up to £200,000 per day on their KYC/KYB refresh activities and the Nivo solution will provide a considerable cost saving as well as a much better experience for the customer and staff carrying out this vital task.
Nivo recently published an eBook on the topic of transforming KYC/KYB Refresh which you can download for free HERE.
Damon Williams, Sales Director of Nivo, said: “We are delighted that our work to continually improve the way businesses and customers interact has been recognised with an amazing 5th place ranking on the RegTech 50. The achievement is even more satisfying when we see the other innovative technology companies included in the list who are also shaking up their sectors.
“Technology is completely changing the way businesses and customers communicate, making the process simpler, quicker, smoother and safer for all parties. Our experience working with a wide variety of customers has proven that solutions such as Verified Identity Messaging and remote ID verification helps businesses reduce the resource required for important but repetitive tasks, improves the experience for customers and helps to combat fraud.”