Sikoia has announced a strategic partnership with the UK-based subsidiary of Sri Lanka’s largest bank, Bank of Ceylon (BOC).

The partnership will integrate the fintech firm’s customer verification solutions into the bank’s onboarding process, streamlining verification procedures for customers.

Through the collaboration, Sikoia will provide BOC UK with access to features including identity verification, politically exposed persons and sanction checks, adverse media checks and automated processing of customer application documents.

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.

Its 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 minutes.

Chief executive officer (CEO) and executive director at BOC UK, Madhawa Dissanayake, 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."

Founder and CEO at Sikoia, Alexis Rog, added: "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."

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