Payments messaging standards provider Swift has opened its global Know Your Customer registry to all the corporations it connects to following a successful test.
Corporate groups may use Swift’s KYC Registry to manage and share KYC data with their banking partners around the globe.
Swift established the directory in 2014 to provide a streamlined process for banks to share KYC data with partners, and in the ensuing years expanded the registry to include global corporations. With one shared data directory, Swift hopes to eliminate the need for corporate treasurers to provide KYC data in the various different formats each location or regulatory jurisdiction requires.
Participating corporations may decide which banks have access to their KYC information, enabling them to maintain control over their own data and update records in real time. More than 5,000 financial institutions are using Swift’s KYC registry.
“Collaborating with banks and corporates has provided detailed insights into the current barriers to effective KYC due diligence, and through our global platform, we will continue this work to provide solutions which simplify the KYC process for all participants involved,” said Bart Claeys, Swift’s head of KYC and reference data, in the release.
