Switzerland-based KYC Exchange has launched a Web-based communication platform for Know Your Customer (KYC) and Customer Due Diligence (CDD) data sharing for the international banking community
In the interest of banks and of corporate clients, SWIFT and KYC Exchange are still in time to avoid harmful and unnecessary fierce competition. Both are focusing to develop a global KYC repository and if they do it right they will create the best conditions
for true collaboration, bringing value to all parties involved: Themselves, banks, and banks’ corporate clients.
If SWIFT only would refrain from the temptation to act as a software house and instead stick to its core values (i.e., “act as the catalyst that brings the financial community together to work collaboratively to shape market practice, define standards and
consider solutions to issues of mutual interest”- source: www.swift.com) they could provide the necessary guidelines, criteria, and datasets that KYC Exchange would then implement into software applications.
Collaboration between SWIFT and KYC Exchange along the suggested lines is the only factual way I anticipate can turn into real value the proposition of a global KYC Registry as recently
announced by SWIFT.
This is a welcome move by KYC Exchange
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© Finextra Research 2014