Six Nordic banks have come together in a new joint venture, establishing a new KYC company.
Danske Bank A/S, DNB Bank ASA, Nordea Bank Abp, Skandinaviska Enskilda Banken AB, Svenska Handelsbanken AB and Swedbank AB are now working together to build a platform to handle KYC data.
The European Commission has given its approval for the venture in accordance with the EU merger control rules.
A commercial launch for the joint venture is set for 2020. Each of the banks will hold an equal share in the new company.
The platform will be autonomous and offer KYC services to the market concerning large and medium-sized companies in the Nordic area.
The top priority for the new platform is to standardise the process for handling KYC data. The banks are hoping to improve customer experiences by simplifying the KYC processes for corporate customers, while maintaining protections from financial crimes.
Nordic KYC utility interim CEO Fredrik Millde said, “The collaboration between all banks has been both effective and successful. Together, we have in a short period of time worked on a Nordic KYC utility standard for compliant KYC information and explored alternatives for a future digital solution. As we have now received the green light from the European Commission, we are ready to move forward with our plans.”
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