27 May 2015
Your browser is unable to support Flash files.

Swift signs more banks to KYC Registry

22 July 2014  |  7995 views  |  0 Swift logo web screen shot

Interbank messaging network Swift has signed up another six major banks to its KYC Registry initiative as it gears up for a launch at the end of this year.

The centralised repository will maintain a standardised set of information about banks required for due diligence processes, helping them to manage their compliance challenges and reduce the high costs associated with implementing KYC-related regulations.

Barclays, Deutsche Bank, Erste Group Bank, HSBC, ING and Raiffeisen Bank International have now signed on to the initiative, joining six of their peers who committed earlier in the year.

The 12 banks have already been participating in a Swift-led working group to agree the registry's processes as well as the documentation and data that will fulfil most of the basic KYC requirements across multiple jurisdictions. Several of the banks are already populating the Registry with their own relevant KYC information, and user testing of the service's web-based platform is ongoing.

Swift's registry is just one of several new initiatives in the KYC space, with competing efforts promising to help financial services firms as they struggle to collect monitor and maintain the up-to-date, proprietary information necessary to meet the dynamic requirements of global mandates such as KYC, AML, Dodd-Frank, Emir, Fatca and Gatca.

Last month Swiss-based KYC Exchange signed service contracts with Commerzbank, Société Générale and Standard Chartered, while Thomson Reuters and Markit are also both making plays.

However, Swift it banking on its unique position in the financial services world's ecosystem. Says Luc Meurant, head of banking markets and compliance services: "Banks want to collectively address the challenges around KYC compliance and Swift is well placed to help. We are receiving tremendous support from the banking community and are making great progress delivering a tool the industry needs to better support KYC compliance for correspondent banking."

Comments: (0)

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

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

20 June, 2014
18 June, 2014
22 May, 2014
29 April, 2014
19 March, 2014
04 March, 2014
17 January, 2014
07 January, 2014

Related company news


Top topics

Most viewed Most shared
Cash overtaken by non-cash payments in the...
7893 views comments | 50 tweets | 32 linkedin
UK opts out of European online payments se...
7499 views comments | 22 tweets | 17 linkedin
Bigger banks may have to set up their own...
6391 views comments | 41 tweets | 33 linkedin
JPMorgan Chase puts data to use with new t...
4614 views comments | 16 tweets | 7 linkedin
Postbank trials HCE mobile payments
4599 views comments | 9 tweets | 8 linkedin

Featured job

Basic £90-110K OTE circa £200K NO CEILING
London based with substantial travel in Scandinavia

Find your next job