SWIFT has revealed it is opening its KYC Registry platform to corporates, enabling them to upload, maintain and share their KYC information with their banks.
From Q4 2019, all 2,000 SWIFT connected corporate groups will be able to join the registry.
Big corporations use a range of banks from different jurisdictions around the world, with each needing to exchange information for KYC checks. This data is typically held in different places incomplete and out-of-date, meaning the processes are more time consuming for corporates and banks than needed.
The KYC Registry is an online portal which enables financial institutions to exchange institutional KYC due diligence information. Banks can share KYC data and documents with correspondents in a secure, standardised and controlled manner as well as receive the reverse documents and validated KYC profiles.
Corporates will now be able to upload standard information to the registry as well as exchange other KYC-relevant documents which are needed by banks. On the other side, banks will now benefit from having access to corporates’ information through the same central repository they use to conduct their own KYC checks.
SWIFT head of KYC Compliance Services Marie-Charlotte Henseval said, “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.”
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