In this WEBchat, Sebastian Niemeyer - Senior Market Manager Corporates, SWIFT, responsible for shaping the corporates global product offering - describes their new KYC registry for corporates, which goes live in 4Q 2019. It builds on SWIFT’s experience from providing a KYC registry for 5,000+ banks worldwide. Sebastian explains how they are going to “make KYC work again - together.”
He describes their mission in building the new KYC Regiistry for corporates which combines trust & experience, with global standards and a collaborative approach. Then he details exactly how it will work, before addressing some of the key questions in KYC.
The WEBchat covers:
- Current corporate KYC problems and issues
- SWIFT’s mission: Build The KYC Registry for Corporates
- How KYC registry for corporates will operate and the benefits
- Key questions in KYC development.
- Key timing points
- 1.07 What is KYC and what covers
- 1.35 How to deal with KYC questionnaires and requests
- 3.28 SWIFT's mission in corporate KYC
- 4.28 How achieve global standards
- 6.54 KYC for corporates concept
- 8.35 KYC for corporates - the transactions
- 10.12 Is KYC registry appropriate for corporates?
- 11.25 Will regulators accept SWIFT KYC solution?
- 12.50 Giving permission to use customer data and confidentiality
- 14.30 Interaction with other KYC platforms
- 15.26 One KYC solution provider v. several?
- 16.39 SWIFT'S assessment of KYC today
CTMfile take: This is the KYC solution for corporates that really could dominate. But KYC is all a matter of trust and efficiency: will corporates and many others, including the global and national regulators, accept and trust this approach? Will just one global KYC solution be acceptable/work? All to play for……………
KYC solutions market is horrendous: Bloomberg exit
Bloomberg pulls plug on Entity Exchange before Swift enters market
KYC: ThomsonReuters, Bloomberg and encompass want your business
Banks, other FIs and corporates will increasingly rely on third party KYC utility services
KYC: Outsourcing is the answer……?
BUT: who is responsible? Who pays? What happens when the service is hacked? Who owns the data?