Austrian-based RegTech start-up kompany and Raiffeisen Bank International (RBI) have signed a contract to develop and implement a KYC (Know Your Customer) solution.
The KYC solution was developed by integrating multiple services into a ‘complete and unique’ cloud-based platform, streamlining the compliance steps in accordance with RBI’s structure and business demands.
According to pair customers will benefit from several new value-added functionalities such as real-time, automated and cross-border commercial register checks.
As a result, customers no longer have to provide original documents in the KYC process, if the required company information can be accessed via official and authoritative sources.
Johann Strobl, CEO of RBI, said: “Our aim was to lower the time and costs involved in achieving regulatory compliance. Cooperating with kompany helps us to reach this goal by streamlining the process through the use of cutting-edge technology. This gives us a competitive advantage in terms of better serving our business customers.”
Earlier this year, Raiffeisen Bank selected BearingPoint’s software solution to meet the MiFID II/MIFIR, EMIR II, MMSR and SFTR reporting requirements. The Austrian bank said it has decided to use the company’s ABACUS/Transactions to fulfill several transaction-based reporting requirements. RBI will use the software to submit the daily reports according to the revised Markets in Financial Instruments Directive (MiFID II) and the accompanying Markets in Financial Instruments Regulation (MiFIR).
kompany provides real-time access to audit-proof commercial register data, including company filings covering more than 100 million companies in 150+ jurisdictions for customer onboarding (KYC), anti-money laundering (AML), enhanced due diligence (EDD) and ongoing compliance processes. It also provides additional services such as translations of official documents, access to PEP & sanctions lists and a range of customized solutions (e.g. enhanced VAT number validation.
kompany founder and CEO Russell E. Perry added: “As the leading RegTech platform for real-time and audit-proof company information, we have created a next generation blueprint for business KYC in the financial industry. RBI was a great partner during the “Elevator Lab” and we are now looking forward to working with RBI on the further automation of its compliance processes.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
