Know Your CustomerRSS

Will robotic process automation herald a new digital era in regulatory compliance in banks?

robot

Exploring how the robotic process automation (RPA) powered digital workforce looks to disrupt the manual effort intensive regulatory compliance landscape in BFS, what edge it has over its human counterpart, the roadmap towards RPA driven compliance, challenges in this digitisation journey and success mantras, and innovations that are underway towards building intelligent RPA to replicate human decision-making.

Deutsche Bank leads charge for pan-industry e-identity platform

Private equity firms take over German payment services provider Concardis

Deutsche Bank and a variety of German and European companies have teamed up to establish a joint, pan-industry platform for online registration, e-identity and data services. The initiative was set up by the bank, Allianz, Axel Springer, Daimler, Postbank, technology think tank Core, and location services provider Here Technologies. Their aim is to “make online […]

Standard Chartered supercharges two Asian start-ups

Standard Chartered on a major cost- and job-cutting spree

Standard Chartered has given a big boost to two Asian start-ups with two proof of concept (PoC) projects. Bambu, a Singapore-based robo-advisory for wealth management firm, and KYC Chain, a Hong Kong-based digital identity management firm using distributed ledger technology, were selected from SuperCharger FinTech Accelerator 2.0 – a 12-week accelerator programme in Hong Kong […]

Humour the consumer with KPMG and ATB Financial innovation challenge

ready for innovation

ATB Financial has joined forces with KPMG in Canada and fintech matchmaking firm Matchi to run a “Customer Onboarding Innovation Challenge”. The challenge is free to enter and open to any firm that has developed and built a solution in one of the four categories: Know your customer (KYC) – ideally the solution will be […]

IBM unveils blockchain-based digital identity network

IBM working with Standard Life and ING Direct Australia

IBM and SecureKey Technologies are working together to enable a new digital identity and attribute sharing network based on IBM Blockchain. When launched later this year, consumers can use the network to verify their identity for services such as new bank accounts, driver’s licences or utilities. IBM’s Blockchain service is built on top of the […]

Swift’s KYC registers right notes with Turkmenistan and Uzbekistan

New addition to Swift's network

A number of banks in Turkmenistan and Uzbekistan have signed up to use Swift’s Know Your Customer (KYC) Registry, a centralised repository that maintains a standardised set of information about correspondent banks, funds distributors and custodians required for due diligence processes. In both deals, Swift worked with its business partner in the Central Asia region, […]

IBM and KYCK! go blockchain for KYC

IBM working with Standard Life and ING Direct Australia

IBM has unveiled a blockchain-powered Know Your Customer (KYC) project with Singapore start-up KYCK! to help financial services providers onboard customers quicker and cheaper. Using the open source Hyperledger Project Fabric, IBM says immutability, traceability and privacy of the information is provided on a permissioned distributed ledger which is “critical” in a highly regulated environment. […]

Latin American banks turn to Swift for crime compliance

New addition to Swift's network

Eight central banks in Latin America have adopted Swift’s financial crime compliance solutions to combat financial crime. The central banks of Belize, Bolivia, Costa Rica, Curacao, Dominican Republic, Ecuador, Haiti and Paraguay, have implemented the solutions, including Swift’s KYC registry and sanctions screening. Some of the banks have also endorsed the adoption of the KYC […]

Dassault Systemes unveils seven finalists for KYC/AML start-up challenge

Dassault Systemes

French software firm Dassault Systemes has named the seven finalists for its “3D FinTech Challenge” 2016 to address anti-money laundering (AML) and Know Your Customer (KYC) issues. This is its fourth annual accelerator programme in collaboration with senior finance executives, regulators and “influencers”. As Banking Technology reported in August, Dassault Systemes invited start-ups to apply. […]

IBM Watson learns compliance in Promontory purchase

IBM working with Standard Life and ING Direct Australia

IBM plans to acquire Promontory Financial Group, a risk management and regulatory compliance consulting firm, to boost IBM Watson’s cognitive technology. Upon close of the deal, Promontory’s employees will train Watson, which will learn by “continuously ingesting regulatory information as it is created and through interaction in real-world applications”. Bridget van Kralingen, senior vice-president, IBM […]

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