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Nordic KYC utility selects technology partners

Nordic KYC utility selects technology partners

Invidem, the kYC utility set up by a coalition of six Nordic banks, has signed long-term technology deals with Econompass and iMeta Tecfhnologies.

Having secured European Commission approval, Danske Bank, DNB Bank, Nordea, SEB, Svenska Handelsbanken and Swedbank set up a joint venture company in July last year to build the platform. The company will provide large and medium-sized corporates with a single format for KYC reporting, shared by the Indvidem banking partners.

Encompass has been selected to provide Invidem with automated KYC data gathering and iMeta will provide the core Client Lifecycle Management system for management of the KYC information.

The utility will enable corporates to manage their data in a single location and gives control over which banks or other organisations under AML regulation should have access to their data.

Marit Bø Bornstein, CEO at Invidem, says: "Invidem has a unique business model, gathering and validating data from multiple sources, including the customers themselves, in line with a Nordic standard for compliant KYC information. With these advanced partners, we allow our clients to make even more sophisticated risk assessments."

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