Swift has announced that, from Q4 2019, it will open its know your customer (KYC) platform to its 2,000 corporate customers. The KYC registry enables corporates to upload, maintain and share their KYC information with their banks. The registry already provides access for 5,100 bank and Swift expects that adding corporates will create a huge advantage.
The KYC registry is an answer to the problem of gathering data for KYC checks around the world – because in different jurisdictions data is often incomplete or out of date, making the process time consuming for both corporates and their banks. The registry provides a single online portal for standardised data, facilitating the due diligence process. Banks can share KYC data and documents with their correspondents in a secure, standardised and controlled way, as well to get access to their correspondents’ complete and validated KYC profiles, resulting in efficiency and cost savings in KYC processes.
From late 2019, corporates will be able to upload standard information to the registry and exchange other KYC-relevant documents that are requested by their banks. According to Swift, corporate treasurers cite KYC as one of the top three challenges they face in their bank relationships. John Colleemallay, senior director group treasury & financing, at Dassault Systèmes, said: “KYC for corporates is a dream come true for all treasurers, considering the heavy workload involved in providing the same documentation several times in multiple formats to our banking partners. We look forward to having a secured shared registry where we can more easily and rapidly complete the KYC processes.”
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