Embed your KYC banking details in your standard workflows and manage documents centrally
The secure identification of customers and business partners using Know Your Customer (KYC) checks is a central topic in the relationship between banks and corporates. These checks are based on the legal regulations for banks in combating money laundering and the financing of terrorism. Failure to comply with these regulations can result in severe fines being imposed. In order to fulfil this task, up-to-date information on their customers and the scope of their business activities is of central importance for banks. For corporates, the banks' growing need for information represents a major challenge, as the individual tasks need to ensure compliance are at present mostly not standardized, which results in significant costs and efforts.
Bank Relationship Management Suite for MultiCash®
The tasks and transactions required for KYC audits, such as providing the tax identification number, the commercial register statement, or the account opening documents, can be created as templates and integrated into the various account management workflows. By consistently including KYC processes in your processing procedures, you also ensure that the necessary internal checks are carried out and that all changes are saved centrally.
A flexible solution for your KYC requirements
A further advantage of the KYC solution for MultiCash is that all data can be provided to banks and KYC service providers electronically. Although only a few banks are currently able to receive this information digitally, the first institutions have already implemented this capability in pioneering projects.
Optional connection of KYC service provider
Additional electronic interfaces to KYC service providers such as SWIFT, which recently started providing a digital KYC register for corporates, will be implemented in the MultiCash solution as and when needed. Corporates using this service would then have the option of reconciling their KYC-relevant data between the MultiCash repository and the SWIFT register and granting bank partners access to this information.
Your benefits from the KYC solution at a glance
CENTRAL MANAGEMENT
Central management of all KYC documents in a secure corporate repository
TRANSPARENCY
Transparency by means of central access to all necessary information and documents
EFFICIENCY
More efficiency with bank-specific KYC templates and avoidance of manual effort
OPTIMIZED WORKFLOWS
Optimized workflows using digitized exchange of KYC documents with banks and KYC service providers
MONITORING
Monitoring of due dates through alerts and notification by e-mail
INTERNAL AUDIT
