The UK-based subsidiary of the Bank of Ceylon (BOC UK), Sri Lanka’s largest bank, has announced a strategic partnership with fintech innovator Sikoia.
The partnership will integrate Sikoia’s all-encompassing customer verification solutions into the bank’s onboarding process, significantly streamlining verification procedures for customers.
Through this collaboration, Sikoia provides BOC UK with access to the following features:
• Identity verification
• PEPs (Politically Exposed Persons) and sanctions checks
• Adverse media checks
• Automated processing of customer application documents
• Company credit bureau reports
• Consumer credit bureau reports
• API integration
• Customer Evaluation Dashboard
Sikoia specialises in helping financial services providers automate key parts of their customer verification processes. It is regulated by the Financial Conduct Authority (FCA) as an Open Banking and credit reference provider. Sikoia collaborates with fellow fintechs and large, established institutions across three countries and has quickly established itself as a leading voice in the integration of AI in financial services.
Sikoia’s latest AI-powered document processing solution, launched in Q1, automates more than 75% of the labour-intensive tasks involved in handling customer documents. As a result, users can automatically extract verified information related to affordability, income, and risk indicators from bank statements, payslips, and tax returns in just minutes.
Established in 1949 as the first overseas branch of the parent bank, Bank of Ceylon UK became a fully authorised subsidiary in 2010. The bank has embarked on a significant digital transformation project aimed at evolving from traditional banking into a fully digital bank. The Bank has boarded IFINITY GLOBAL, a Singapore-based banking tech enabler with Sri Lankan roots, as its remittance app project implementation partner while helping Sri Lankan businesses expand into UK and European markets.
Madhawa Dissanayake, Chief Executive Officer/ Executive Director of Bank of Ceylon (UK), said:
“Our partnership with Sikoia marks a pivotal step in our digital transformation journey, aligning with our commitment to enhance customer experience and operational efficiency. By integrating Sikoia’s advanced KYC and KYB solutions, we are significantly reducing the time and complexity involved in our verification processes for both individual and business clients.
“This collaboration will not only streamline our onboarding procedures but also ensure a higher level of compliance and security, which are crucial in today’s financial landscape.”
Alexis Rog, founder and CEO of Sikoia, commented:
“We’re thrilled to partner with the Bank of Ceylon to enhance their onboarding process with our comprehensive KYC and KYB solutions. This collaboration showcases Sikoia’s ability to provide robust customer verification capabilities that seamlessly integrate into the bank’s systems, streamlining the process for both individual and business clients.”
