Swift offers one year free access to KYC Registry

Swift offers one year free access to KYC Registry

Swift will give free access to its new KYC Registry throughout 2015 to banks that contribute their own data to the service.

Launching later this year, the KYC Registry will maintain a standardised set of information about banks required for due diligence processes to help increase efficiency and cut compliance-related costs.

So far 12 major banks, including Barclays, Deutsche Bank, Citi and HSBC, are already adding their data as part of a working group, with several more firms signing up as early adopters.

Swift faces competition for its service, with Swiss-based KYC Exchange, Thomson Reuters and Markit all making plays. However, the messaging network is banking on its unique position in the financial services world's ecosystem and, at Sibos this week, also bolstered its proposition by waiving fees for the whole of 2015 for banks that put up their own institutional KYC data.

Luc Meurant, head, banking markets and compliance services, Swift, says: "We are delighted by the number of banks that are already contributing their information as part of this Swift-led, industry-driven solution. This unique introductory offer makes it even easier for banks to enjoy the full benefits of the initiative."

Separately, Swift also used its Sibos platform to trumpet the fact that it has met early a price commitment given in 2010. The group had promised to reduce its messaging prices by 30-50 percent between 2010 and 2015 but, chairman Yawar Shah says: "I am pleased to announce that Swift has overachieved at the high-end of that target one year ahead of schedule."

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