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SnapSwap is a FinTech startup company (from San Francisco) licensed by the CSSF (the financial sector regulator in Luxembourg) to offer payments and electronic money services. SnapSwap offers Snaprove™, a unique fully automated solution to onboarding customers in compliance with anti-money laundering and “Know Your Customer” requirements remotely via a personal mobile device (a phone or a tablet) or on a personal computer. Integrated in a mobile app or an internet site, Snaprove™ allows the verification of the customer’s identity, collection of KYC data, performance of due diligence and obtaining a legally binding electronic signature. The service is fully automated end-to-end and is available 24/7 at a fraction of the cost of manual onboarding and allow customers to complete initial onboarding in less than 6 minutes.
Many industries in Europe and abroad are required to comply with anti-money laundering, counter-terrorist financing and “Know Your Customer” requirements. Snaprove™ provides banks, insurance companies, the investment industry and other businesses with advanced solutions that satisfy customers’ expectations of a seamless and modern user experience and is compliant with current and upcoming regulations - PSD2, new AML directive, data privacy rules and others.
Interview with Denis Kiselev, founder and CEO.
What projects are you currently working on?
Our new challenge is to bring our products to our clients and how to provide solutions that will satisfy user expectations and the high standards of the financial market. After our participation in the Techstars Paris accelerator program, we started a new partnership with the Groupama Group. The French insurance group was one of the six Techstars program corporate partners, and SnapSwap’s mentor during the 13-week program. SnapSwap now collaborates with one of the leading insurance companies in France to develop an innovative program related to life insurance. SnapSwap is also considering to develop other products with the Groupama Group in the near future.
What successes are you particularly proud of?
Last year, we won the ninth edition of the biggest international FinTech competition for startups, BBVA Open Talent Identity in Washington D.C. We were the only company from Luxembourg, and it was a big achievement for us. It also was a recognition of the solutions we proposed and a great opportunity for us. We are very proud of this.
What are the biggest challenges your sector is facing?
We always need to make sure that our solutions work out and are acceptable for the regulator and regarding the user experience, we always need to be sure that we deliver the best experience and verification solutions possible and all the requirements for them.
If you could change one thing about your sector, what would it be? How could the Chamber of Commerce support you?
We see that the Chamber of Commerce plays an important role in the business community, and we think the Chamber also has to do something to establish and provide favorable conditions in the startups environment. The House of Startups is a good initiative to put Luxembourg on the European map and to consolidate its position. In terms of investments, the Chamber of Commerce could also help finding appropriate solutions to encourage investments in startups and create great opportunities for investors and startups.
Text: Corinne Briault and SnapSwap - Photos: Pierre Guersing
