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Digital Identity, Security & Online Fraud

Raiffeisen Bank, kompany develop group-wide business KYC solution

Thursday 14 June 2018 | 11:31 AM CET

The Austria-based regtech startup kompany and Raiffeisen Bank have signed a contract for the development and implementation of a business KYC (Know Your Customer) solution.

The KYC solution was developed by integrating multiple services into a cloud-based platform, streamlining the compliance steps in accordance with RBI's structure and business demands. Customers will benefit from several new functionalities such as real-time, automated and cross-border commercial register checks. As a result, customers no longer have to provide original documents in the KYC process, if the required company information can be accessed via official and authoritative sources.

The contract is also a further milestone in RBI's fintech engagement, as kompany was one of five participants in the first round of RBI's fintech partnership program "Elevator Lab". During the program RBI and kompany developed the proof of concept for this group-wide business KYC solution.

More: Link
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