Swiss-based due diligence utility KYC Exchange has signed service contracts with Commerzbank, Société Générale and Standard Chartered for the regular exchange of Know Your Customer data between the banks and their clients.
They need to add "anchoring" capability, based on Secure Element. That way KYC would be truly interoperable/portable - it's plain crazy to ask the customer to jump through the same hoops again and again if that was done already with a trusted party.
Centralizing KYC and making it available to individual companies (banks, insurance, MNOs, etc.) on the basis of usage is a clear example of how cloud offers compelling advantages over onpremise deployment. Centralized sanctions-screening is another - is
there already an app for that?
to £90K base, double OTE, share optionsLondon, UK
© Finextra Research 2015