Thomson Reuters have launched their Org ID managed service solution for Know Your Customer (KYC) due diligence in South Africa, together with design partner banks Barclays Africa, Rand Merchant Bank (a division of FirstRand Bank) and Standard Bank of South Africa, who have all committed to use the Org ID service to perform KYC on their populations of corporate and institutional banking clients.
Global solution + local support
The Thomson Reuters Org ID global solution now serves 15 major financial institutions and asset management firms around the world, having published over 125,000 complete KYC profiles since launching in 2014. Thomson Reuters have worked closely with their local partner banks to adapt the service to encompass a broad range of specific requirements in South Africa.
Thomson Reuters has built out operational hubs in Johannesburg and Cape Town, augmenting existing centres in Poland, Malaysia and the UK, intelligently collocating with the existing WorldCheck operational centre in Cape Town that houses over 150 staff.
Thomson Reuters expect the new service to gain significant traction from both local and international banks operating in South Africa as the collective client base of the design partner banks move onto the service throughout 2016 and 2017.
Partner bank comments:
- “Client experience is paramount,” said Phakamani Hadebe, South Africa Chief Executive Officer of Barclays Africa Corporate and Investment Bank. “We are proud to have co-championed the formation of a KYC utility to reduce the administrative burden on our clients.”
- James Formby, Chief Executive Officer of Rand Merchant Bank (RMB) commented: “We recognise how difficult it can be for our clients to keep up-to-date with the complex and ever-increasing KYC regulations, which ultimately makes complying with these regulations a daunting task. We believe that the Thomson Reuters Org ID solution will significantly reduce the time and costs associated with supplying this information by eliminating duplication when loading information for a number of different financial institutions, while still meeting the demands of regulators around the world. The easy-to-use portal has stringent security features which will give our clients full control and visibility over who can access and view their documents.”
- “In an increasingly complex banking world from a regulatory and compliance point of view, ensuring the basic fundamentals are in place remains essential for financial services,” said Kenny Fihla, Head of Client Coverage at Standard Bank. “With our focus of putting our client at the heart of what we do, partnering with Thomson Reuters and our industry counterparts, the partnership across banks allows for a simplified KYC process, both addressing regulatory requirements, and ensuring a common industry standard.”
CTMfile take: There is now a race between the Thomson Reuters Org ID and the kyc.com and Markit service to have the best and widest coverage. Corporates can only benefit from this race and the BIS initiative.
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