Know Your Customer partners with JETCO

Through this collaboration, financial institutions can leverage Know Your Customer’s real-time connectivity to Hong Kong Companies Registry and Inland Revenue Department through JETCO’s platform. This allows them to request and access insightful commercial data, facilitating faster and simplified Know Your Customer (KYC) and Know Your Business (KYB) processes for an overall improved customer experience.

JETCO is a bank consortium that provides fintech solutions to banking industries across Hong Kong and Macau. Through the JETCO CDI Portal, banks, data consumers, and data providers can onboard to the Commercial Data Interchange (CDI), a financial data infrastructure launched by the Hong Kong Monetary Authority (HKMA). 

According to Know Your Customer’s officials, their organisation is committed to increasing the financial inclusion of SME customers in Hong Kong. The company’s collaboration with JETCO enables banks to deploy its live registry connector via a single API in a decreased amount of time, therefore accelerating business verification and SME onboarding for multiple use cases. Some of them include bank account opening, loan approvals, and supply chain management.

Moreover, representatives from JETCO stated that the partnership allows their company to extend its offering on its CDI Portal solution by presenting commercial data from Know Your Customer. Through this, banks can access the official company documents and shareholder data of SME and corporate customers in a more simplified and convenient manner. 

Know Your Customer specialises in business verification solutions for financial institutions and regulated organisations worldwide. The company provides a modular compliance solution that merges the digital workspace with real-time registry data, simplified integrations, and smart automation to improve compliance functions. The products’ modular design allows convenient customisation, as clients can select and implement only their required functionalities, available via Rest API.

Recently, Know Your Customer expanded the availability of its Company Registry Solution through HKMA’s Commercial Data Interchange. Through this collaboration, HKMA can enhance efficiency in the banking system and promote financial inclusion in Hong Kong. The integration of Know Your Customer through CDI allows financial institutions in the region to improve the efficiency and accuracy of their KYB and UBO checks.

Moreover, at the beginning of August 2023, Know Your Customer partnered with MineSec to enhance the onboarding experience of its SoftPOS solution. Through this collaboration, MineSec and its clients can leverage Know Your Customer’s modular compliance technology to verify onboarding merchants in real time. 

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