Barclays, by means of SWIFT, will help to build the service which seeks to support banks in meeting the needs of KYC standards whereas achieving economies of scale.
The utility will provide a global platform of accurate information which SWIFT will host and manage, whilst member banks will have ownership of and responsibility for their own information.
Luc Meurant, Head of Banking Markets and Compliance Services at SWIFT commented that the development of a centralised utility will help banks to streamline processes, cut KYC-related costs and mitigate compliance risks.
In recent news, investment provider Parmenion, has entered an agreement with Barclays to enable clients to transfer money into their investment accounts by Barclays Pingit via their mobile phone.
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