LexisNexis Risk Solutions Ranked First and as Established Leader in Juniper Research's Latest KYC/KYB Systems Report

News provided by

Sep 25, 2024, 09:00 ET

ATLANTA, Sept. 25, 2024 /PRNewswire/ -- LexisNexis^® Risk Solutions has been recognized as the established market leader in the newly released Global KYC/KYB Systems Market 2024-2029 Report by UK-based Juniper Research. This prestigious recognition highlights the leadership and innovation of LexisNexis Risk Solutions in the KYC/KYB space, further solidifying its role in shaping the future of identity verification.

According to the report, the total spend on third-party KYC/KYB systems is anticipated to rise by 70.5% over the next five years, reaching USD $30.8 billion by 2024. This growth is propelled by the increasing need for advanced customer onboarding tools capable of accepting government-issued identifications and complying with age-verification regulations – a critical requirement for high-risk industries like online dating and gambling, which are targets for elaborate fraud schemes such as romance scams and money laundering.

Juniper Research's Competitor Leaderboard used a robust scoring methodology to evaluate the top 19 vendors, considering criteria such as solution breadth, geographical reach and future business prospects. LexisNexis Risk Solutions emerged as a leader, excelling in product range within its LexisNexis^® RiskNarrative^® and LexisNexis^® Dynamic Decision Platform that support a multi-layered and orchestrated approach to risk management, including advanced behavioral biometrics for identity authentication and fraud prevention.

The report also provides a comprehensive analysis of the KYC/KYB systems market, offering critical assessments and five-year forecasts across more than 60 countries. With over 26,700 market statistics, the research suite includes a comprehensive competitor leaderboard and an exploration of future market opportunities.

"We are thrilled to have been recognized for our comprehensive analysis on Know Your Customer (KYC) and Know Your Business (KYB) practices," said Camilla Yellets, financial crime compliance director at LexisNexis Risk Solutions. "This achievement underscores our commitment to providing insightful and actionable intelligence that helps organizations navigate the complexities of regulatory compliance and risk management."

"The strategic acquisitions LexisNexis Risk Solutions has made allows them to remain competitive and stand at the forefront of innovation," said Daniel Bedford, the report author at Juniper Research. "For example, LexisNexis Risk Solutions acquired BehavioSec^®, behavioral biometric experts who leverage typing and swiping behavior on phones to authenticate and prevent fraud. This enhanced its RiskNarrative platform and behavioral intelligence offerings, demonstrating their agility in this fast-moving space."

Discover how advanced risk orchestration capabilities from LexisNexis^® Risk Solutions streamline both KYC and KYB checks for efficient onboarding. Click here to learn more about our holistic approach to risk management.

About LexisNexis Risk Solutions

LexisNexis^® Risk Solutions leverages data, sophisticated analytics platforms, and technology solutions to provide insights that help businesses across multiple industries and governmental entities reduce risk and make informed decisions. Headquartered in metro Atlanta, Georgia, LexisNexis Risk Solutions operates globally and is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX.

Media Contact:
Ade O'Connor
+44 78 9091 8264
Ade.O'[email protected]

SOURCE LexisNexis Risk Solutions