Unified platform for KYC in Scandinavia

The six largest Scandinavian banks decided to set up platform for handling Know Your Customer (KYC) data.

Having secured European Commission approval,

The banks are Danske Bank, DNB Bank, Nordea, SEB, Svenska Handelsbanken and Swedelbank have set up a joint venture company to build the platform.

The company will start its activities from next year and will provide KYC services to large and medium-sized companies in Northern Europe.

In recent years, compliance with requirements for customer data processing has become an important component in the fight against financial crime and increasing regulatory costs for the banking community.

The main challenge for the banks cooperation was to develop a Scandinavian platform with standardized KYC for data processing processes. Thus, it is planned to improve the quality and customer service by simplifying the verification procedure.

On materials of the following website: https://sebgroup.com/press/press-releases/2019/the-collaboration-of-six-nordic-banks-results-in-a-joint-kyc-company