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One of the top three challenges for corporate treasurers

KYC is one of the top three challenges corporate treasurers face in their banking relationships. According to a survey carried out in partnership with EuroFinance, 93% of treasurers say that responding to KYC requests is more challenging today than it was five years ago.

You may hold accounts with several banks and subsidiaries, resulting in time consuming and costly reviews of your KYC information. KYC requests are becoming increasingly complex, with banks often asking for KYC documentation in different ways, and at different times.

Enabling smoother Know Your Customer (KYC) processes for corporates
Know Your Customer
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Enabling smoother Know Your Customer (KYC) processes for corporates

KYC - Know Your Customer

White paper - Solving the KYC Conundrum

This white paper delves into the difficulties treasury teams face as a result of KYC requests and explores the impact on their operations and banking relationships.

KYC process and KYC checks

Dealing with these types of requests is a considerable drain on resources, and internal policies can hinder or even prevent you providing all the information that banks ask for. This can have a significant impact on your operations and banking relationships.

Given the scale of the challenges for corporate treasurers, it’s no surprise that the focus is on initiatives working to help simplify the KYC data sharing process.

Solving the KYC Conundrum

The fragmentation challenge

Corporate treasurers are coming up with their own solutions, from creating standard packages of KYC information to developing their own methods of sharing data with banks. We also see a growing number of regional initiatives looking to tackle the issue of sharing KYC data. However, existing approaches remain fragmented and are yet to address the silos of KYC compliance processes.

Many other areas of development are looking to solve the fragmentation challenge, from harnessing technologies like blockchain to platforms like SWIFT’s KYC Registry.

Fragmented approach to KYC processes
Solving the KYC challenges

The way forward

  • Centralise and standardise KYC data on a global scale
  • Control who accesses your KYC data and documentation
  • Improve efficiency and transparency
  • Protect data privacy

Our solution: the KYC Registry

To date, more than 5,500 financial institutions are using the KYC Registry to both publish their KYC data and receive data from their correspondent banks. It is recognised as the accepted standard for correspondent banking due diligence. The registry has now been extended to corporate customers of SWIFT to help simplify the KYC process between banks and corporates.

Responding to KYC requests

The KYC Registry

Find out about SWIFT’s KYC solutions for corporates, banks and other financial institutions.