Streamlining of KYC procedures a key initiative in Center of Excellence redesign of client onboarding process
NEW YORK, Oct. 8, 2015 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, has made the utilization of SWIFT's Know Your Customer (KYC) Registry an integral part of its enhanced client onboarding process.
Designed to help users reduce the cost, effort and risk related to KYC compliance, SWIFT's KYC Registry includes nearly 1,500 financial institutions, including banks, fund distributors and custodians, in more than 170 countries. Developed in collaboration with major global financial institutions, the Registry provides a streamlined, global centralized repository and data sharing platform for standardized information about correspondent banks required for KYC compliance.
Banks and other financial institutions contribute baseline data and documentation to the Registry for validation by SWIFT. Once it becomes part of the Registry, the information can be shared with counterparties of the participating financial institutions. Participating financial institutions retain ownership of the information they provide, and also must approve requests from other Registry users to access their information. SWIFT operates the service and provides an ongoing review of the information, notifying Registry users when the information they have contributed is out of date.
Focused on providing clients with an enhanced onboarding experience, the reengineering of BNY Mellon's process includes initiatives to streamline and simplify the collection and management of onboarding information. Utilities like SWIFT's KYC Registry will be utilized to quickly and efficiently obtain information that previously clients may have been asked to provide, and standardized onboarding information will be made readily, reliably and securely available across multiple lines of business. The end result will be less time and effort devoted to onboarding and a more rapid transition to helping clients achieve their investment objectives.
"Standardization and transparency – hallmarks of the onboarding improvements we're making – were built into SWIFT's KYC Registry. Our utilization of SWIFT's KYC Registry is a great example of how the reengineering of our onboarding process is leveraging best-in-class industry utilities," said Amy G. Harkins, managing director and global process owner for client onboarding at BNY Mellon. "It also demonstrates how our strategic focus on operational excellence translates into significant benefits for our clients — in this case, enhanced KYC support as part of account openings and maintenance."
"'We are delighted to welcome another major global provider of correspondent banking services to The KYC Registry community," said Bart Claeys, Head of KYC Compliance Services, SWIFT. "As a longtime, valued partner, BNY Mellon has made important contributions to a number of SWIFT initiatives. Their participation in The KYC Registry continues and enhances that tradition."
Notes to Editors
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,800 banking organizations, securities institutions and corporate customers in more than 200 countries and territories. SWIFT enables its users to exchange automated, standardized financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practices, define standards and debate issues of mutual interest.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of June 30, 2015, BNY Mellon had $28.6 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
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SOURCE BNY Mellon