SWIFT announced at the Sibos 2014 conference in Boston that it will provide access free of charge to its new know your customer (KYC) registry throughout 2015 to those banks that contribute their own institutional KYC data.
The financial messaging provider will be making data consumption free in 2015 for institutions that contribute their own information, making it easier for banks to work together to reduce the cost and effort related to KYC compliance.
Developed by SWIFT as a user-driven initiative, the KYC registry platform is operational with banks in the 12-member KYC registry working group now contributing their information. Additional institutions are signing on as early adopters and adding their data, providing for a rich data set when The KYC Registry becomes generally available at the end of this year.
“SWIFT created The KYC registry to enable its community to collectively address the global challenge of KYC compliance,” said Luc Meurant, head of banking markets and compliance services, SWIFT.
“We are delighted by the number of banks that are already contributing their information as part of this SWIFT-led, industry-driven solution. This unique introductory offer makes it even easier for banks to enjoy the full benefits of the initiative.”
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
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