Nordic bank-owned KYC consortium selects technology partners

Invedim, the KYC utility set up by a group of Nordic banks, has inked technology deals with Econompass and iMeta Technologies.

Danske Bank, DNB Bank, Nordea, SEB, Svenska Handelsbanken and Swedbank set up the joint venture in July 2019 to build a KYC platform. The company will provide large and medium-sized corporates with a single format for KYC reporting, shared by the Invidem banking partners.

Invidem gathers and validates data from multiple sources, including customers themselves, in line with a Nordic standard for compliant KYC information. With its new partners, it enables clients to make sophisticated risk assessments, according to Marit Bø Bornstein, CEO.

Encompass automatically constructs corporate ownership structures, discovers beneficial owners and screens relevant entities and persons for regulatory, reputational and financial risk in minutes.

iMeta is a trusted provider of client lifecycle management solutions, providing compliant customer journeys for global, regulated institutions and specialises in mastering data, automating processes and regulatory compliance.

 The utility will enable corporates to manage their data in a single location and gives control over which banks or other organisations should have access to their data under AML regulation.

“We look forward to tackling the global issue of financial crime together with Invidem and streamlining the process of onboarding customers within the Nordic region. This is a significant step forward,” says Wayne Johnson, CEO and Co-Founder at Encompass Corporation.

“Our platform has been purpose-built to help regulated institutions accelerate compliant customer journeys, from onboarding to offboarding and everything in between – providing an ideal fit for the outcomes Invidem is looking to achieve,” added Ben Marsh, CEO at iMeta Technologies.