The Central Bank of Cyprus (CBC) has officially awarded a tender to a joint venture between Aqubix Ltd and Infocredit Group Ltd.
This monumental collaboration aims to introduce a transformative technical platform, based on KYC Portal CLM, specifically designed for the centralised electronic digital onboarding of new customers and updating existing customer data within credit institutions.
The agreement was signed following a tender process towards the provision of the further modernisation of the banking sector through the provision of fast, flexible, reliable and efficient banking services.
The solution being implemented across Cypriot banking institutions is transformative and empowers both new and existing customers of credit institutions, enabling them to seamlessly verify, authenticate, and furnish compliance details without requiring a physical presence at banking institutions. The advent of this solution heralds the optimization of account opening procedures, promising customers a secure, swift, and exceptionally efficient onboarding experience.
An engaging consultative process involving the Central Bank of Cyprus governor has fostered substantial support for the project. A consortium of eminent local banks, including the Bank of Cyprus, Hellenic Bank, Alpha Bank Cyprus, Astrobank Public Company Limited, the Cyprus Development Bank, and Eurobank Cyprus, have collectively affirmed their active participation in this groundbreaking initiative.
“We are thrilled to be part of such a transformative project and immensely proud that a Maltese product is at the heart of the solution being rolled out. A phased deployment strategy has been envisioned, with the initial phase set for early 2024.” Aqubix Ltd's CEO, Mr. Kristoff Zammit Ciantar.
Aqubix Ltd launched KYC Portal CLM in early 2017 and now services over 80 customers in over 22 countries across 5 continents. It has gone on to win several international awards amongst the latest being a second RegTech Insight Award this year for the Best Know Your Customer Solution.