Neugroup estimates that the average time spent on KYC in a typical MNC corporate treasury department is 25 hours/week.
In this WEBchat Dan Matthies, Head of KYC at Bloomberg, explains how their solution solves this problem. Bloomberg Entity Exchange, which already has 3,000 firms and 250 banks on the service, provides a centralized, secure platform to enable multi-national corporations, who use multiple banks and operate in many regions around the world, to manage and share client data and documents with confidence. It takes a new approach by not standardising the answer, rather they standardise the way they store the information and not the processes.
The WEBchat covers:
- What is KYC and what it covers today
- How to automate the whole KYC process by standardising the data, not the processes
- The data-centric Entity Exchange solution structure and processes
- How KYC is likely to develop globally.
- Key timing points
- 0:41 What is KYC, what does it really mean?
- 2:03 Automating KYC - how Bloomberg standardize the data
- 4:36 Bloomberg Entity Exchange - a data-centric solution
- 6:27 Providing flexibility via Forms
- 7:51 The key differentiator
- 8:25 How MNCs will choose just one solution
- 10:13 How control permissioning
- 11:11 Closing remarks
Bloomberg’s flexible approach accepts the realities of KYC around the world. Bloomberg believes that MNCs will just use one KYC provider. Which one will you use or will it be more than one?
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KYC exchanges - its all about who do you trust? already concerns emerging
It is not going to be plain sailing to achieve critical mass in Know Your Customer (KYC) exchanges
Whose KYC data standards? Yours? Mine? Theirs?
Whose are Know Your Customer standards are you going to use: The banks? Thomson Reuters’s? KYC.com’s