Interbank messaging network Swift has recruited a group of major banks to help develop its centralised KYC utility for the collection and distribution of standard information required by banks as part of their due diligence processes.
Although there will be concerns about reducing competition, this is I think the right kind of a solution for Swift to offer. They've got the data, the controls, and the ability to develop a solution that will be workable for banks and acceptable across jurisdictions.
Here's to working out the details!
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