FAQ
Frequently asked questions
Company
About Sikoia
Sikoia is a London-based Fintech that helps financial services providers automate their customer verification. Sikoia gives access to structured customer data, consolidating it into a single, unified view for onboarding and producing valuable customer insights automatically. Our solutions are built for seamless integration into existing systems via API, or for direct use through its straightforward, ready-to-use Customer Evaluation Dashboard. Regulated by the FCA as an Open Banking provider (AISP) and credit reference agency, Sikoia is backed by leading institutional and venture capital investors.
What is the business problem Sikoia solve?
Sikoia streamlines and automates part of the customer verification process for financial services providers that are still very much done manually today or require a multitude of data sources to make a decision.
Consider for example a consumer getting a mortgage or a small business getting a loan. The first part of the onboarding process is very efficient with a decision in principle taken quickly and often powered by credit bureau data in the background. But often later on in the application process, a lot of the data cannot be processed automatically, so somebody needs to manually verify and cross-check information from a lot of different sources such as open banking, payslips, credit bureaus, identity documents and so on.
This manual work requires back and forth with the customer, can lead to inconsistent decisions and exposes to regulatory risk. For an average mid-sized institution, the costs related to verifying information and related risk can easily amount to several millions.
This is where Sikoia comes in: we are a Customer Verification Platform that centralises data from a lot of different sources using the latest technology, standardise them to enable more consistent decision-making, and most importantly automatically generate insights.
What are the use cases and who uses Sikoia?
Sikoia is used by companies across various sectors to streamline their onboarding and verification processes for both businesses and consumers.
Business Use Cases: Companies like VertoFX, Paramount Commerce, MassMutual, and Channel Capital use Sikoia for seamless international business onboarding and verification. With a single interface and contract, they can access services like company registry, credit bureau data, identity verification (IDV), and anti-money laundering (AML) checks across 20+ countries. These services can be integrated into their existing onboarding workflows or accessed through Sikoia’s ready-to-use Portal.
Consumer Use Cases: In the consumer sector, clients such as Mutual Vision (a loan origination platform serving 15+ building societies), One Mortgage System (a CRM platform for thousands of brokers), Green Mortgages (a mortgage intermediary), and Bank of Ceylon (UK subsidiary of a major South Asian bank) rely on Sikoia for automated consumer verification. This includes leveraging Sikoia’s AI-powered document insights to verify income, employment, affordability, and more.
Sikoia provides a comprehensive solution for both business and consumer verification needs, making it the go-to platform for financial institutions and intermediaries.
Why do customers trust Sikoia?
Customers trust Sikoia because our enterprise SaaS platform meets the highest standards for information security, data protection, and business continuity. By working with large financial institutions and regulated service providers, we ensure that our platform satisfies the most stringent requirements.
Key features that inspire trust include:
Robust Infrastructure: Our APIs and Dashboard are built with auto-scaling, zone redundancy, and regular backups, ensuring platform resiliency, high availability, and uninterrupted service.
Regulatory Compliance: Sikoia is authorised and regulated by the Financial Conduct Authority (FCA) as an Account Information Service Provider (AISP) under the Payment Services Regulations 2017 (FRN: 942979) and as a credit reference provider (FRN: 942616).
Commitment to Security: We are in the final stages of obtaining ISO27001 certification, further reinforcing our commitment to the highest levels of data security and risk management.
This combination of regulatory compliance, platform reliability, and focus on security is why leading financial institutions and service providers place their trust in Sikoia.
Does Sikoia offer product demos or trials?
Yes, Sikoia offers product demos and Proof of Concepts for select solutions. Clients can book a customised product demo with Sikoia's experts here.
What is the pricing structure of Sikoia?
Our pricing structure is tailored to Volume with a minimum monthly spend of £499. Please reach out to Sikoia's sales team for detailed pricing information. They will be happy to provide a quote based on volumes and data requirements.
Services
What types of solutions does Sikoia offer?
- Customer Evaluation Dashboard: Central hub to enrich verify your customer data
- AI-Powered Document Processing: Automatically verify customer-supplied application documents and generate insights
- Income and Employment Verification: Automated checks on payslips, tax, bank statements and/or open banking
- Affordability Insights: Automated open banking and bank statements checks
- AML, IDV and credit bureaus: Automatically enrich your customer data with our marketplace of providers, all through a single contract and platform.
Sikoia's solutions works for both companies and private individuals.
How long does it take to get started with Sikoia?
Customer Dashboard can be accessible to use from Day 1 and readily available; integration through APIs generally takes a bit longer depending on your internal processes.
How configurable is Sikoia to accommodate each customer's existing data providers and systems?
Sikoia's platform is highly configurable. Clients can plug-and-play with Sikoia's global ecosystem of data providers, selecting the providers they need. Sikoia provides the most complete set of reliable and relevant data sources, customised to specific requirements, including PEPs/Sanctions, Credit Bureaus, Adverse Media, Fraud, IDV checks, Open banking, Company registries, AML, and Document Processing. Sikoia's clients can also use its APIs to integrate data and capabilities into their existing processes very precisely.
Data
Can Sikoia provide data and insights through an API?
Yes. Sikoia's Unified API is a RESTful JSON API supporting programmatic access to the platform. This allows clients' technical teams to create, request, review, and action data over an API, enabling them to automate and enhance their existing processes within the Sikoia ecosystem or even their own tools.
What type of data can clients get from Sikoia?
Sikoia’s solutions offer a comprehensive array of data to accelerate customer onboarding, reduce costs, and enhance customer experience while strengthening risk management. Clients can access a wide range of data types through Sikoia, including company registries, company credit bureau information, consumer credit bureau details, and identity verification. Our platform also provides PEPs (Politically Exposed Persons) and sanctions checks, adverse media checks, open banking data, and automated document processing.
Is Sikoia ISO 27001 certified?
Yes, Sikoia has been awarded ISO 27001 certification. ISO 27001 is a widely recognised, internationally accepted standard for information security and we have attained it across all Sikoia's services and products. An accredited independent auditor has assessed our processes and controls, and confirmed they align with the certification standard. British Assessment Bureau, an ISO accredited certification body, has certified our compliance with the ISO standard. Having ISO 27001 certification helps assure our merchants and their customers that we take information security management seriously.