Words from a Mem­ber

SNAPSWAP RE­CENTLY JOINED THE SIL­I­CON BUSI­NESS CLUB. GET TO KNOW THE STARTUP!

Silicon Luxembourg - - CLUB -

TELL US ABOUT YOUR STARTUP.

Snapswap is a fin­tech startup that of­fers a fully au­to­mated on­line and mo­bile on­board­ing so­lu­tion for banks, in­surance com­pa­nies and the in­vest­ment in­dus­try. Snapswap of­fers plug and play fin­tech and regtech solutions to Euro­pean fi­nan­cial in­sti­tu­tions. Our prod­ucts are fully com­pli­ant with all ex­ist­ing and up­com­ing reg­u­la­tions in Europe as Snapswap is an au­tho­rized Elec­tronic Money In­sti­tu­tion (EMI) in Lux­em­bourg be­ing pass­ported to 28 Euro­pean coun­tries.

HOW DID YOU COME UP WITH THE IDEA?

What we are build­ing is based on our own ex­pe­ri­ences and knowl­edge of fi­nan­cial ser­vices. Take for ex­am­ple the is­sue of cus­tomer on­board­ing. As a cus­tomer, we do not like the way banks and other busi­nesses treat us when we want to open a bank ac­count. The on­board­ing process is time-con­sum­ing, re­sult­ing in a neg­a­tive cus­tomer ex­pe­ri­ence. We wanted to de­velop a so­lu­tion that would im­prove this process.

WHAT ARE YOUR PROD­UCTS/ SER­VICES?

We of­fer Snaprove™, a fully au­to­mated end-to-end process avail­able 24/7 at a frac­tion of the cost of man­ual on­board­ing. Snaprove™ pro­vides busi­nesses with ad­vanced solutions that sat­isfy cus­tomer ex­pec­ta­tions of a seam­less, mod­ern user ex­pe­ri­ence. It is also com­pli­ant with cur­rent and up­com­ing reg­u­la­tions, in­clud­ing PSD2, new AML di­rec­tives and data pri­vacy rules. Snaprove™ al­lows the ver­i­fi­ca­tion of a cus­tomer's iden­tity, col­lec­tion of KYC data and per­for­mance of due dili­gence and en­ables a legally bind­ing elec­tronic sig­na­ture.

WHAT IS YOUR BUSI­NESS MODEL?

We of­fer our so­lu­tion as a ser­vice. Af­ter the ini­tial setup is com­pleted, our clients pay per ver­i­fi­ca­tion fee, with vol­ume dis­counts avail­able.

WHO ARE YOUR CLIENTS?

One of the top 10 Euro­pean banks and one of the lead­ing in­surance com­pa­nies in Europe are among our clients. Other banks and in­surance com­pa­nies, as well as cryp­tocur­rency ex­changes and crowd­fund­ing plat­forms are also us­ing our ser­vice.

WHAT ARE THE NEXT STEPS IN YOUR DE­VEL­OP­MENT?

Our new chal­lenge is to bring our prod­ucts to our clients and pro­vide solutions that will sat­isfy user ex­pec­ta­tions and the high stan­dards of the fi­nan­cial mar­ket. To achieve this, we have just re­leased an im­proved ver­sion of Snaprove™, which will help com­pa­nies con­sid­er­ably re­duce cus­tomer-re­lated risks and com­bat fraud, while also en­sur­ing a seam­less and omni-chan­nel user ex­pe­ri­ence for cus­tomers.

DE­NIS KISELEV

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