While AML-focused FinTech, Sedicii wear their passion on their sleeve for everyone to see, their identity and security solutions tackle issues such as money laundering without exposure to any private customer data.
What is Sedicii – what problem are you solving?
We provide real-time verification of identity and real time collaborative monitoring for AML with a strong focus on privacy.
We use advanced cryptography to provide real time verification of identity against authoritative sources without actually sharing any PII or other sensitive data. We also present a secure multiparty computation service that allows any bank participating in the network to pre-screen, in real-time, all parties to a payment transaction, regardless of the party’s bank, for AML risk, that includes many types of common fraud. The service confidentially computes a joint decision tree across the sender and the recipient bank to identify pre-execution risk in real-time. In addition, the system visualises multiple transactions to expose fraud patterns.
No bank learns anything about the other bank’s customer as no information is shared other than the output risk assessment. The service has different modes of operation for banks, regulators and law enforcement so each will have different views and access to results.
Securing Digital Identity is a global problem. Money Laundering is a global problem. Both impact many industries and sectors and is worth >€100bn p.a. Only 1% is caught with >90% False Positive rates in those that are suspected. We’re aiming to prevent rather than catch the crime after it has happened in many respects thus removing the current problem.
What is the ‘Zero Knowledge Proof Protocol’ – How does this set Sedicii apart?
The Zero Knowledge Proof (ZKP) authentication protocol is used in cryptography systems to allow a party to prove that he/she knows something (i.e. a credential), without having to transmit this credential.
There are two parties involved in ZKP; the prover A and the verifier B. ZKP allows a prover A to show that they have the credential (for example, passport details or a password), without having to give B the exact details of the credential. With Zero Knowledge Authentication there is no transmission or storage of password / credential hashes on the authentication server.
It sets us apart because we are the only company using ZKP and Secure Multi Party Computation to enable monitoring of both sides of any transaction where there is absolutely no exposure of any private customer data.
Your founder and CEO – Rob Leslie – is a serial entrepreneur and was recently named a ‘CEO to Watch’ – What skills does a FinTech CEO need to grow and scale a company?
A FinTech CEO needs vision, industry awareness, flexibility, motivational skills, to be an influencer, to be always focused, financially aware and literate, a negotiator, a communicator, a listener, be able to learn from mistakes and move on, a coach and most importantly, absolutely passionate about what they do.
What advice would you give new startups in this space?
Never give up, the sun will always rise. Stay focused and learn from your mistakes. Believe in what you do and wear that belief and your passion on your sleeve; let everybody see it but always be smart.
We have an array of craft beers and independent music at FinTECHTalents – Give us a great song to listen to while we sip your favourite tipple (please also list your favourite drink!)
Pearl Jam – Better Man. Favourite tipple? Another day’s work!
Sedicii will be presenting as part of the FinTech Stories Stage at FinTECHTalents this November.