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Two very recent announcements from
KYC Exchange represent the first concrete answers to growing market demand for a common and global repository for Know Your Customer (KYC) information.
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 refrains from its temptation to develop software 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) SWIFT 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 that can turn into real value the proposition of creating a global KYC Registry.
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This post is from a series of posts in the group:
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