Companies face increasing demands to manage know your customer (KYC) data efficiently and securely.
Every bank demands a plethora of documents and information, leading to redundant requests and prolonged onboarding processes. Consequently, this not only delays business operations but also strains relationships with financial institutions.
Empowering companies to proactively manage their KYC burden
Each time a KYC review is initiated, the company must collect and share KYC-related documents. The same type of file is shared with every involved bank and business partner. As a result, emails or shared drives are used for storage, leading to enormous duplication and a lack of overview. Additionally, it’s challenging to track and safely manage these sensitive documents over time.
These inefficiencies have resulted in the advent of new technology that revolutionizes the customer experience. As a result, companies can now share KYC information with all their banks and business partners via one single platform. Instead of duplicating efforts, they can securely share data including ownership structures, financial statements, and regulatory documents.
Recent research shows frustration with the current KYC process
A staggering 73% of Corporate Treasurer respondents to a recent Encompass poll confirmed dissatisfaction with their bank’s KYC process. This is especially true for those operating across borders, who encounter varied KYC procedures from different banks and jurisdictions. With each bank repeatedly requiring the submission of similar documentation, valuable time is consumed that could be better spent on core business activities.
Furthermore, companies do not want to manage multiple bank proprietary systems, each with their own logins for KYC submission. Without an easily accessible and comprehensive overview, their ability to manage their KYC documents and associated correspondence becomes a real burden.
Adopting technology to manage multiple relationships
To address these challenges, technology, like CoorpID, offers a centralized digital vault and document management platform. As a result, companies can now exchange KYC data effortlessly with external partners, providing numerous advantages:
- Centralized collaboration environment: A single, centralized environment to collaborate internally and respond to KYC-related requests from various banks and business partners.
- Full control and overview: A comprehensive overview and control over who has received which document(s) at any given time is maintained. Ensuring accurate tracking and documentation of all shared information.
- Enhanced traceability: Ability to trace back through previous communications effortlessly, maintaining a clear audit trail of corporate KYC data exchanges.
- Improved security: Secure links are utilized, eliminating the risk associated with using email for sharing confidential and highly sensitive information.
- Efficient KYC compliance management: Companies can manage KYC compliance requests efficiently and securely, reducing the administrative burden and streamlining compliance processes.
- Data recency: KYC information is kept up to date, enhancing compliance and building trust with financial partners. By maintaining the latest data, corporates and banks can enhance decision-making processes, and provide a seamless experience for all parties involved.
The benefits of CoorpID
Regardless of the origin of the KYC request, corporates can easily gather the required information and securely share it with the requestor. This results in a streamlined process which saves time and resource. Additionally, CoorpID users are currently collaborating with over 170 banks and business partners, including lawyers, auditors, and insurance companies.
“A treasury employee from a large dairy company stated: We share with multiple banks daily. It works faster, improves communication, and allows for safe sharing of documents.”
CoorpID is a plug-and-play web-based tool with encrypted storage that can be seamlessly integrated into existing workflow tools without needing IT involvement. As a result, it facilitates global collaboration and offers an average timesaving of at least 25% per KYC review.
Corporate KYC data exchange
With the financial landscape evolving, corporates adopting multibank sharing solutions like CoorpID will be better positioned to meet regulatory requirements. Furthermore, they will be able to maintain strong financial partnerships in the longer term.
These regulatory requirements include environmental, social and governance (ESG) and know your supplier (KYS) data, with an increasing number of requests being processed through CoorpID.
By providing a centralized, secure, and efficient system, CoorpID not only enhances security and traceability, but also streamlines compliance management, making it an indispensable tool for modern KYC processes.
