• Home
  • News & Events
  • News
  • J.P. Morgan and HSBC use The KYC Registry to streamline processes and improve customer experience
7 November 2017

J.P. Morgan and HSBC use The KYC Registry to streamline processes and improve customer experience

Sharing data to collectively improve consistency, efficiency and speed of KYC processes

It’s a huge challenge for financial institutions to keep up with ever-changing global KYC regulation – and a delicate balancing act to ensure effectiveness, manage costs and use resources efficiently. Banks are expected to ensure that due diligence on their correspondents is thorough, timely and accurate – and The KYC Registry is helping to make this much easier for them to achieve. 

Cutting through the complexity

As the banking partner of the world’s most sophisticated and complex financial institutions, J.P. Morgan receives a large volume of KYC requests. “Meeting our compliance obligations while providing an excellent client experience is a business imperative,” explains Holly Johnson Stuhr, the bank’s global lead for KYC.

J.P. Morgan decided to allocate a dedicated group to managing KYC requests. Central to this exercise was to investigate using industry utilities to handle KYC data more efficiently – and they opted for SWIFT’s KYC Registry, so they could start centralising KYC requests. Holly Johnson Stuhr says they noticed the benefits immediately – in particular greater operational efficiency and the exchange of data that meets SWIFT standards.

As one of the founding members of SWIFT’s KYC Registry, it made sense for us to use the platform and share our standardised set of data and documents with other banks.

Holly Johnson Stuhr, Global Lead for KYC on J.P. Morgan

Having made significant progress in centralising inbound KYC requests at J.P. Morgan, and seen tangible benefits, Holly Johnson Stuhr’s advice to other banks is clear: “Just start publishing [your KYC data]. It promotes your institution’s transparency around its AML programme.”

KYC Registry - J.P. Morgan Case Study

PDF iconDownload (146.26 KB)
Last update: 
11 October 2017

Founding KYC Registry member J.P. Morgan enhances the experience for correspondent banks

  • Collateral
  • Case Studies
English

Driving efficiency

HSBC began using SWIFT’s KYC Registry to streamline processes and quickly started seeing benefits.

By using The Registry, HSBC is now making its KYC processes more efficient, speeding up onboarding and enhancing customer service for its correspondent banking clients.

From eliminating hours of research to empowering counterparties to make self-service requests, The Registry has helped deliver improvements in consistency, efficiency and speed. “Where The Registry really adds value is by enabling us to look at the risk holistically, rather than spending time collecting information from multiple sources,” says Gary McClure, the bank’s head of KYC operations.

With the expansion of the Registry’s data ‘baseline’ to enhance the scope and breadth of information, and a growing number of banks contributing data, HSBC expects to see further cost and efficiency gains.

The KYC Registry baseline v.2.0 covers more than 90% of our current KYC requirements. We expect to see significant cost savings over and above the existing efficiency gains.

Gary McClure, Global Head of KYC Operations, HSBC

“I don’t think there is a more effective way of getting information about correspondent banks,” sums up Gary McClure. “For us, it’s the go-to place for getting the right level of information about our counterparties for AML purposes.”

Case Study - HSBC uses KYC Registry

Download (67.12 KB)
Last update: 
11 October 2017

HSBC uses SWIFT’s KYC Registry to streamline processes and improve customer experience.

  • Collateral
  • Case Studies
English

Extended reading

Compliance

The KYC Registry

The KYC Registry lets financial institutions exchange KYC information simply and securely, increasing transparency while eliminating costly and redundant document exchanges.

Compliance

KYC Adverse Media. For enhanced customer due diligence.

Our new KYC Adverse Media service delivers comprehensive, high quality news and public information about specific legal entities via The KYC Registry portal.
Product

SWIFT Traffic Profile

Independent profiling of your SWIFT traffic activity

SWIFT Insights

  • Discover the latest trends in financial services
  • Keep up with our news updates
  • Read thought-provoking industry reports
  • Explore global events and webinars
Read more