Team names, roles
and company contact
Denis Kiselev (CEO),
Natalia Pavlova (CTO),
Chris Marcilla (CCO),
SnapSwap offers a fully automated online and mobile onboarding solution for banks institutions, telecom operators, insurance companies and investment industry.
All products are fully compliant with all existing and upcoming regulations in Europe as SnapSwap has an EMI license in Luxembourg being passported to 28 European countries.
Thus, the company offers “Plug and Play” FinTech and RegTech solutions to European financial institutions.
Financial institutions are facing major challenges due to the changing regulatory environment. Know Your Customer (KYC) has become a top priority for financial business firms, but they often lose millions of customers and euros because of complex onboarding procedures leading to a high abandonment rate.
Currently, customer due diligence processes are manual, inconsistent, and provide an incomplete view of the customer and the risks they pose. Only a quarter of business banking products can be opened digitally, and less than 1 in 10 can be completed from a mobile device.
Solution / technology
Digital Onboarding is a unique fully automated solution for 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, Digital Onboarding allows a company to verify the customer’s identity, collect KYC data, perform due diligence and obtain a legally binding electronic signature. The service is fully automated end-to-end, it is available 24/7 at a fraction of the cost of manual onboarding.
Important advantage of the solution is legal compliance with current and upcoming European regulations in the areas of payment services, investment industry, data protection and electronic signature. The unique position of SnapSwap as a licenced financial institution allows it to design, analyse and verify the whole process and get it approved by a European regulator (the CSSF) under the electronic money licence that is passported to 28 EU member states.
Number of financial institutions:
EU – 5 848.
BeNeLux, France and Germany – 3 050
Number of verifications:
EU: 100+ million KYC verifications/year by 2020
BENELUX: 3+ million of new accounts and KYC per year
Target industries: Banks, Telecoms, Investment funds, Insurance companies, Wealth management, Consumer loan companies.