Zurich, Switzerland (April 15th, 2023) – At Check Your Customer (CYC), we are excited to announce a new partnership with Flourishing Mart Ltd, operating under the brand FM Exchange. FM Exchange is a people-focused company that solves money exchange challenges for Nigerians in Canada. Moreover, it serves as a marketplace for borderless money transfers and currency exchange, aiming to bridge the gap that newcomers from low-income countries often face.
With the CYC API for risk mitigation, FM Exchange can apply Know Your Customer (KYC) and Anti-Money Laundering (AML) standards efficiently. The company currently operates in Canada and plans to expand to the United States and the United Kingdom, ensuring safe and compliant international money transfers.
In addition, this partnership allows FM Exchange to keep onboarding fast and makes customer integration simple, supporting compliance while enhancing user experience.
The CEO of Flourishing Mart Ltd, Adegbenga Timi, said:
“We chose CYC for two reasons. First, their unique match algorithm reduces false positives. Second, CYC’s focus on the payment industry ensures their team understands our needs.”
Michael Andrä, Data Development Expert and Co-Founder of CYC, added:
“We are happy to work with FM Exchange and help them stay compliant without increasing costs.”