The KYC Registry can instantly exchange data and documents with selected counterparties without sacrificing control over their data or who can access it. The Registry provides a secure, cost-effective KYC solution that enables banks, fund distributors and custodians to maintain and grow their correspondent network.
The KYC Registry addresses more than 80% of the KYC data and documentation required to support the on-going due diligence of correspondent banking partners or the on-boarding of new relationships. While The KYC Registry is still in the ramp-up phase a recent survey conducted by SWIFT suggests that it is already fulfilling its industry obligations with many customers indicating substantial cost and time-saving benefits from using it.
With initial data consumption underway, survey respondents have confirmed they are spending, on average, 45% less time performing due diligence on a counterparty when using The KYC Registry.
As The KYC Registry evolves in line with new regulations and customer needs, it will grow its offering through value-added services and partnerships that enable enhanced due diligence.
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