KYC Exchange Net One Step Ahead
By going live in early 2014 with its platform KEN that allows the standardized exchange of KYC («Know your customer») data, the Swiss SME KYC Exchange Net has obviously made the right decision. In the meantime, Swift has launched the same kind of service.
Due to the lack of binding international standards, the «Know your customer (KYC)» and «Anti-money laundering (AML)» processes require a lot of resources from financial institutions. Addressing exactly this issue, the Swiss SME KYC Exchange Net went live with a communications platform in early 2014 that allows not only to enter KYC information in a standardized way, but also to exchange and administer it securely and efficiently. Currently, several big banks use the platform. A number of additional financial institutions have expressed their interest. KYC Exchange Net was obviously on the right track when identifying this market opportunity. According to a recent report in the «Handelszeitung», Swift has now launched its own offering. In addition, a number of other competitors are providing KYC services or are on the brink of doing so.
Swift is a serious competitor for KYC Exchange Net. After all, more than 10'000 banks across 212 countries are connected to the network of the cooperative headquartered in Belgium. To gain a fair KYC market share, Swift offers banks to register and share their KYC data at no cost. As an additional incentive, also KYC data inquiries will be free in 2015. However, the price for the platform services may not be the only costs incurred by banks and not the only decisive factor. It is probably just as important that the solution is convenient and efficient to use (see below) and that many financial institutions join the platform.
KYC Exchange Net and AdNovum
The software for the KEN platform was developed by AdNovum based on a Scrum approach and in close cooperation with KYC Exchange Net. AdNovum also provided the test, demo and productive infrastructure for the solution in its own data center. The software company's broad know-how, among other things, made it possible to launch KEN in a very short period of time – which was crucial for success. Following the market launch, AdNovum now ensures the complete hosting, second and third-level support, maintenance and support of the soultion.