Barclays has joined financial messaging services provider SWIFT’s know your customer (KYC) registry initiative to help develop a centralised utility to collect and distribute up-to-date standardised KYC information.
Working with SWIFT and a number of banks, Barclays will help to build the service which seeks to support banks in meeting the needs of ever increasing KYC standards while at the same time achieving economies of scale.
The utility will provide a global platform of accurate information which SWIFT will host and manage, whilst member banks will have ownership of and responsibility for their own information.
“We welcome Barclays’ involvement in piloting the KYC registry initiative,” said Luc Meurant, head of banking markets and compliance services at SWIFT.
“Banks face a number of challenges today around financial crime compliance and the development of such a centralised utility will help banks to stream-line current processes, cut KYC-related costs and mitigate compliance risks.”
Matt Tuck, co-head of international and head of financial institutions group, corporate banking at Barclays said: “Collaboration within the banking industry is key to finding solutions that tackle compliance challenges and costly KYC-related regulations. This initiative fits naturally with Barclays’ drive to improve the onboarding experience for clients and counterparties.”
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