Six Nordic banks form alliance to offer KYC as a service
Summary
Also, Nordic banks regard enhanced KYC competence as a positive that will enable them to strengthen their own anti-money laundering (AML) and general financial crime prevention IT systems and processes. Nordic bank shareholders see the NKYC’s capacity to support AML and financial crime prevention initiatives is seen as a significant dividend of the joint venture. Although the incorporation of NKYC is the single biggest pan-Nordic collaborative initiative to improve IT data competence, individual banks are also increasingly elevating their technology-based knowledge, capabilities and expertise through partnerships with financial technology firms (fintechs). Johan Torgeby, CEO at SEB, described the advent of fintechs in the financial payments domain as a positive development for banks wanting to grow their presence in the retail space. We are not trying to solve everything ourselves.” All of the banks in the NKYC alliance are actively engaged in upgrading their customer-focused digital, artificial intelligence and machine learning capabilities in partnership with fintechs.