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KYC Exchange Net AG launches new secure communication platform

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Harmeet
New Update

LONDON, UK: KYC Exchange Net AG, Switzerland, now offers a secure web-based communication platform for Know Your Customer (KYC) and Customer Due Diligence (CDD) purposes to the international banking community.

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Founded in June 2013, KYC Exchange Net AG started an international rigorous two-stage test phase in September and is now going live with the innovative platform which assists the Financial Industry to comply with Anti Money Laundering (AML) and KYC regulations. KYC Exchange Net's platform increases efficiency and allows for the cost-effective exchange of KYC data between regulated financial institutions such as banks and their clients.

In the daily international financial business, banks are required to comply with Know Your Customer (KYC) and Anti Money Laundering (AML) regulations. This is a highly time and cost-intensive process which involves the collection, validation, analysis and constant updates of the clients' data. KYC Exchange Net AG was founded with the objective to provide the Financial Services Industry with a secure communication platform to facilitate compliance with these regulations and allow for a cost-effective exchange of the required KYC data.

Together with IHAG Holding and its partner companies AdNovum AG and Evalueserve AG, KYC Exchange Net AG has formed a large scale, comprehensive partnership and is now offering the KYC platform as a global solution.

KYC Exchange Net AG entered an international intensive two-stage test phase last September. The first stage included banks in Western and Central Europe. Valuable feedback from the pilot banks was then used to fine-tune the platform, and the second test phase was carried out with a wider range of banks in Eastern Europe and Asia.

The participating pilot banks included globally active investment and transaction banks, private banks as well as banks with regional focus, in particular with Eastern European and Middle Eastern links. The composition of the pilot bank group demonstrated that the platform is suitable for various types of institutions and clients on a global scale.