17 September 2014

Payments and Architecture

Anand Sundaresan - Wipro Consulting Services

3 | posts 4,376 | views 2 | comments

Do you KYC well!

23 July 2014  |  1106 views  |  0

Not sure if the KYC being done by banks is mature enough to perform its true function using standard credit check agencies which have stood the test of time. Financial regulations have come out strongly in the wake of many incidents of security lapses and money laundering.

Most Banking systems rely on SWIFT for information about banks using the BIC and IBAN anyway. Recently SWIFT have deleloped the KYC Registry on similar lines

Would it not be prudent to let automated banking systems filter customers with KYC check using a safe, secure and trusted entities such as SWIFT quite like OFAC has been used for filtering payments. Cost for the connectivity could still be an issue but for majority of the banks involved with payment processing using predominantly SWIFT interfaces in some form or the other to make payments, the cost could outweigh the benefits.

Six additional major banks join SWIFT’s KYC Registry initiative - See more at: http://www.swift.com/about_swift/shownews?param_dcr=news.data/en/swift_com/2014/PR_KYC_announcement.xml#sthash.egOJS2db.dpuf

TagsSecurityPayments

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from Anand

Do you KYC well!

23 July 2014  |  1106 views  |  0  |  Recommends 0 TagsSecurityPayments

My thoughts on Digital and Branchless banking

21 July 2014  |  1772 views  |  0  |  Recommends 0 TagsMobile & onlinePayments

War of the Plastic cards with Mobile wallets

21 July 2014  |  1499 views  |  2  |  Recommends 0 TagsMobile & onlinePayments
name

Anand Sundaresan

job title

Enterprise Architect

company name

Wipro Consulting Services

member since

2014

location

London

Summary profile See full profile »
A highly motivated and energetic enterprise architect with over 22 years experience in capturing ...

Anand's expertise

What Anand reads
Anand writes about
Anand's blog archive
July 2014 (3)

Who is commenting on Anand's posts

Andrei Charniauski