- Data marketplace vendor DemystData is the second company this month to sign on Kyckr’s logistics solutions and technology services
- Users on the Demyst platform will be able to browse using Kyckr’s interface and services to help comb through client data faster
- The two-year partnership deal means Kyckr’s highly regarded data compilation services will assist efficiency and speed for clients using the Demyst platform
- The collaboration in skills will help cut onboard costs for Demyst and assist in combatting financial crimes through Kyckr’s ability to increase visibility in the data industry
Data logistics provider Kyckr gained 41.4 per cent in the ASX this morning after announcing a two-year service deal.
The deal is signed with the data marketplace service company DemystData. Today’s news means that users on the Demyst platform will be able to browse using Kyckr’s interface.
Demyst users will also be able to seamlessly access the Kyckr network of registry information, which has gained recognition for its efficient compilation of valuable data sets.
What does this mean for Demyst management? The Kyckr interface allows for ‘sandbox’ testing of data – meaning faster and cheaper automation of data through the Demyst servers. Everything is done onboard.
Kyckr’s software helps combat financial crimes, through the compiled data and client visibility registry for anti-money laundering schemes.
Kyckr CEO Ian Henderson expressed delight on the partnership with Demyst in this morning’s media release to the ASX.
“Partnering with DemystData brings together deep expertise in the data and automation space, helping us deliver the most up-to-date, legally accurate information to financial institutions globally,” Ian said.
“The agreement is in alignment with our strategy to enhance collaborations with strategic partners as an accelerated method of growing our exposure to new clients and revenue,”
Demyst isn’t the only company to sign on Kyckr’s logistics. Earlier this month, Singaporean company AXA Insurance signed on to use the Kyckr benefits in a similar deal.
“Know-Your-Customer verification is becoming increasingly critical and we are excited to be embedding our unique registry network onto the DemystData platform, and we look forward to working with our new partner and customers,” Ian said.
As of this morning, Shares in KYK are trading for 9.2 cents. The company’s market cap is valued at $10.56 million.