KYC Exchange Net (KNC) has signed service contracts with Commerzbank, Société Générale and Standard Chartered for access and exchange of Know Your Customer (KYC) data between banks and their clients.
The service provided by KNC charges banks for access to the KYC information using a web-based software-as-a-service platform, which doesn’t require frequent maintenance or investment in terminals.
An information request from the KYC database fetches the information for the bank in less than a minute and any update of previously shared information is automatically shared on real time basis with previous recipients, according to fineextra.com
“While there are many solutions being developed around KYC, we really value the fact that the KEN platform of KYC Exchange Net AG is already available,” said Managing Director Emmanuel de Bouard of Société Générale. “As a result of the successful testing phase, the next logical step was to sign a contract with the team of KYC Exchange Net AG.”
DZ Bank, which just started sharing KYC data with partner banks, finds the process effortful, but worth the time.
“If KYC Exchange Net now gains momentum in building up a large network it will have a good chance to become a one stop shop-solution for the KYC related regulatory requirements,” said Frank Sperling, head of relationships management at DZ Bank.
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