Six Nordic banks establish joint KYC company
Six Nordic banks, including Nordea, have established a joint venture company to develop a platform for handling Know Your Customer (KYC) data.
Danske Bank, DNB Bank, Nordea, Skandinaviska Enskilda Banken, Svenska Handelsbanken and Swedbank have established a joint venture company to develop a platform for handling Know Your Customer (KYC) data. The European Commission has granted its approval in accordance with EU merger control rules.
The joint venture company is preparing for its first commercial launch in 2020. The company will operate autonomously and will initially offer KYC services to large and medium-sized companies based in the Nordic region.
The banks' primary objective in collaborating has been to develop a Nordic platform with standardized processes for handling KYC data. The aim is to improve customer experience by simplifying KYC processes for corporate clients, while strengthening financial crime prevention across the Nordics.
The six banks will invest equal shares in the company. The initiative addresses a need to streamline and standardize customer due diligence processes within the financial sector, aiming to reduce redundant work and enhance data management.