Barclays joins SWIFTs KYC Registry

Wednesday 30 April 2014 08:41 CET | News

Barclays, a global financial services provider, has joined SWIFT’s Know Your Customer (KYC) Registry initiative to help develop a centralised utility to collect and distribute updated standardised KYC information.

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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Keywords: Barclays, SWIFT, KYC registry, KYC standard, streamline processes, banks
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime