Thomson Reuters launched the African KYC managed service in July 2016 with design partner banks such as Barclays Africa, Rand Merchant Bank (a division of FirstRand Bank) and Standard Bank of South Africa. All four banks are committed to using the Org ID service to perform KYC and wider due diligence on their populations of corporate and institutional banking clients.
Earlier in 2017, Standard Chartered Bank completed an initial review and proof of concept with Thomson Reuters Org ID to review their customer on-boarding approach in South Africa. Standard Chartered Bank is expected to go live in June 2017.
Thomson Reuters Org ID KYC solution was launched in 2014 and serves 26 major financial institutions and asset management companies, manages over 350,000 KYC records and publishes more than 1.25 million continuously refreshed legal entity profiles in over 140 countries.
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