Financial & Professional Services
Leading Welsh Technology Companies Vizolution and W2 Global Data (W2) Announce Strategic Partnership
Vizolution and W2 have announced they have formed a strategic partnership to integrate W2’s range of customer due diligence solutions into Vizolution’s customer experience technology suite.
Vizolution, a market-leading technology provider headquartered in Swansea, helps global enterprises, including some of the world’s leading banks and telco companies, replicate the qualities of face-to-face interactions in remote channels, streamlining complex customer transactions into effortless experiences.
Newport based W2 provide organisations with a wide range of screening tools and services to help check who they are interacting with, ensuring businesses stay compliant whilst achieving competitive advantage through higher customer acquisition and retention.
While the partnership will allow Vizolution to access W2’s full range of services including Know Your Customer, Anti Money Laundering and fraud prevention technologies, the initial focus of the alliance will be on providing identity verification (ID&V) solutions, allowing organisations to quickly and securely collect and verify identity documents as part of their digital customer onboarding process.
Both organisations have received backing from the Welsh Government to support their continued growth as leaders of the Welsh digital economy. The Development Bank of Wales has not only invested in both Vizolution and W2, but made the initial introduction that led to the two companies partnering. Financial and strategic support has also been provided by Trade and Invest Wales, who have facilitated trade missions for Vizolution to the US and Australia, and for W2 to China, South Africa, Serbia, the Netherlands and the USA.
Minister for Economy, Transport and North Wales, Ken Skates, said: “We established the Development Bank of Wales to ensure that businesses in Wales could successfully access the funding they need to prosper and grow. The Development Bank of Wales has played an important role in bringing together these two important members of our flourishing FinTech community. Their partnership is a further testament to the value the Development Bank has added to the vibrant business landscape we are fostering here in Wales.
“Vizolution and W2 are both industry leading companies, we are proud to have here in Wales and I wish them the best of luck with this exciting venture.”
Bill Safran, CEO and Co-founder of Vizolution, said: “In an increasingly digitised world, it’s more important than ever that enterprises are able to securely identify and verify their customers. By integrating with W2’s innovative range of due diligence tools, we’ll be able to offer the best in ID&V solutions as part of the Vizolution suite, helping our customers meet their regulatory demands while further enhancing and streamlining their customer experience.”
W2’s CEO, Warren Russell, commented: “Vizolution were looking for a way to simplify their commercial and technical overheads when dealing with complex compliance matters for their customers. In W2 they have chosen a team that can power the technology to address the challenges their customers face in the fast changing FinTech landscape. I am delighted that we can be part of this journey and look forward to exciting times ahead.”
Tom Rook, Investment Executive of Development Bank of Wales said: “As valued, long-term customers of the Development Bank, we are delighted to have introduced Vizolution and W2 to each other. We look forward to continuing to support them as these successful FinTech companies work in partnership, bringing together their award-winning customer experience technology and customer due diligence solutions.”