The Know Your Customer Challenge
Banks and other financial institutions are having to comply with increasingly strict Know Your Customer (KYC) requirements when onboarding customers, performing reviews, or providing new products and services. As a result, financial institutions have to contact their customers frequently to request KYC information. This important step in the whole KYC process – the client outreach – is often a very time- consuming, burdensome and costly process for financial institutions and their customers. Customers have to respond to these requests timely and make sure that they provide up-to-date information to each financial institution. This can become a real challenge, in particular, for multi-entity corporations that operate across several geographies and have multiple banking relationships. A challenge that CoorpID has now turned into an opportunity to improve the KYC journey for both financial institutions and their customers.
Reduce the KYC burden and streamline the client outreach process with CoorpID
CoorpID is a secure digital vault and document management tool that financial institutions and
their corporate clients can use to exchange KYC- related documents and information. With CoorpID, you and your corporate clients can streamline the KYC compliance process, reduce repetitive manual tasks, avoid errors, save time and cut costs: a win-win situation for both parties.
Trusted & Secure
CoorpID was originally developed within ING Bank’s innovation centre to facilitate the client outreach and KYC data collection process for both the bank and its corporate clients. As a result, CoorpID offers bank- grade security and Chinese walls to control access to information. From the beginning, CoorpID was designed as a web-based document management and exchange platform that can be used by any financial institution or any client to exchange information securely once they have been granted access to the platform.
Plug & Play
CoorpID is a plug and play web-based tool that can easily be integrated with your existing workflow systems by logging in through the browser or using the Application Programming Interface (API). Its intuitive interface, based on in-depth knowledge of the KYC process, offers an excellent user experience.
Benefits for Financial Institutions
With CoorpID you can:
- Handle the whole client outreach information-gathering process in a highly efficient,well-structured and secure manner
- Use the KYC information that your client hasstored in its CoorpID vault as the starting point for your desktop research and thus minimise the client outreach
- Send targeted information requests to clients to obtain the required KYC information for each individual corporate entity
- Avoid communicating and exchanging confidential and sensitive information via email
- Easily integrate CoorpID with your existing KYC workflow systems by logging in through the browser or using an Application Programming Interface (API)
- Standardise your information requests using the best practices incorporated in CoorpID
- Improve the KYC customer experience and customer journey
Benefits for Corporate Clients
With CoorpID, your corporate clients can:
- Handle the whole client outreach information-gathering process in a highly efficient,well-structured and secure manner
- Store, structure and update all their KYC-related documents in CoorpID’s secure digital vault
- Compile a KYC information vault for each individual entity with the most up-to-date information
- Respond efficiently to KYC information requests from their banks and business partners
- Exchange confidential and sensitive information securely with multiple banks and business partners
- Update their KYC information and notify their banks and business partners of any changes
- Remain in control of and track the information that they share via the built-in audit trail function
- Also store, structure and share other corporate data and documents, e.g. ESG-related data and documents, in addition to KYC-related documents
Would you like to find out how you can reduce your and your clients’ KYC burden and how you can streamline and simplify your KYC process with CoorpID, then please feel free to contact us at coorpid-sales@ing.com or www.coorpid.com for more information or a demo.
