SWIFT, a global member-owned cooperative and provider of secure financial messaging services, announced on Tuesday it is set to launch Know Your Customers (KYC) Registry for corporates. SWIFT reported that in a first step, from the fourth quarter of 2019, all 2,000 SWIFT-connected corporate groups will be able to join the KYC.
“Enabling corporates to join The KYC Registry will be transformational both for multi-banked corporates and for their banks, who already benefit from access to the 5,100 bank strong registry and can see the huge advantage of adding corporates. Major corporations use a range of banks in different jurisdictions around the world, with whom they need to exchange information to enable KYC checks. Data is held in different places and is often incomplete or out of date, making the process time consuming for both corporates and their banks.”
The KYC Registry is described as an online portal for financial institutions to exchange institutional KYC Due Diligence information. The platform now allows banks to share KYC data and documents with their correspondents in a secure, standardized 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. Marie-Charlotte Henseval, Head of KYC Compliance Services, stated:
“Corporate treasurers cite KYC as one of the top three challenges they face in their bank relationships. We’re pleased to be extending what is already the largest KYC registry for banks in the world to corporate customers. This unique and well established utility already delivers huge benefits to banks, and its extension to corporates will extend them the same advantages, with a standard agreed by the community and a secure platform enabling efficient data sharing.”