Six major Nordic banks are set to collaborate and establish a new “joint venture company” that will specialise in handling KYC data.
Danske Bank A/S, DNB Bank ASA, Nordea Bank Abp, Skandinaviska Enskilda Banken AB, Svenska Handelsbanken AB and Swedbank AB are the six banks that have agreed to work together in forming the new company.
The banks’ are aiming to standardised processes for handling KYC data with a focus on improving customer experience while strengthening financial crime prevention in the Nordics.
“The collaboration between all banks has been both effective and successful,” said Fredrik Millde, interim CEO of the Nordic KYC utility.
“Together, we have in a short period of time worked on a Nordic KYC utility standard for compliant KYC information and explored alternatives for a future digital solution.”
The company will develop a platform specifically tailored for handing KYC data and is aiming to commence its commercial launch in 2020 following approval from the European Commission in accordance with the EU merger control rules.
It will act as its own entity – with each bank investing an equal share – offering KYC services to the market concerning large and medium-sized companies based in the Nordic region.
“As we have now received the green light from the European Commission, we are ready to move forward with our plans,” concluded Millde.
Another piece of collaborative work in the Nordic region was unveiled recently as the P27 Nordic Payments Platform, made up of six banks, landed a partnership with Mastercard.
