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SWIFT launches its KYC Registry to corporates

Payments transaction services provider SWIFT has announced the opening of its Global KYC Registry to the SWIFT-connected corporate groups. SWIFT said this will enable them to manage and share KYC data with their banking partners globally. The go-live followed a testing round with 18 corporate groups including BMW, Spotify and Unilever which was supported by 16 global banks. Bart Claeys, head of KYC and Reference Data at SWIFT, said SWIFT’s global KYC registry is already delivering huge benefits to the 5000 banks and financial institutions which are currently using it, and SWIFT is excited to extend these benefits to its community of corporate groups. SWIFT’s KYC Registry aims to simplify the process of sharing KYC data by providing access to a platform for banks and corporates. The Registry is expected to benefit corporate groups by providing them with the capability to structure data in accordance with a standardised baseline.

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