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Digital Identity, Security & Online Fraud

Six Nordic banks form joint KYC company

Monday 8 July 2019 | 11:07 AM CET

Six Nordic banks have established a joint venture company, with the aim to develop a platform for handling know your customer (KYC) data.

The six banks include Danske Bank, DNB Bank, Nordea Bank, Skandinaviska Enskilda Banken, Svenska Handelsbanken, and Swedbank, and they will invest an equal share in the company. The joint venture company is autonomous and will initially offer KYC services to the market concerning large and medium-sized companies based in the Nordic region. However, its first commercial launch is due in 2020.

Moreover, the top priority in collaborating has been to develop a Nordic platform with standardised processes for handling KYC data. The customer experience is meant to be facilitated by simplifying the KYC processes for corporate customers, while strengthening financial crime prevention in the Nordics.

More: Link
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