Invidem partners with Encompass and iMeta Technologies to make KYC data handling easier
With the goal of making the management of KYC data more efficient and effective, Know-Your-Customer “KYC” company Invidem, owned by leading Nordic banks, has signed long-term agreements with innovative IT solution providers Encompass and iMeta Technologies. Encompass will provide Invidem with highly automated KYC data gathering and iMeta will provide the core Client Lifecycle Management system for management of the KYC information.
As gatekeepers and operators of the financial infrastructure, Financial Services Institutions (FSI’s) have a legal and social responsibility to prevent money laundering and other forms of financial crime. As FSI’s have increased their focus on KYC (Know Your Customer) the burden on legitimate businesses to provide increased levels and variants of information has grown. The effect is amplified for the businesses who often have multiple banking relationships.
Therefore, leading Nordic banks have joined forces and established Invidem AB, thereby defining a new market for a KYC Utility that manages a compliant KYC data standard, recognised by the regions FSI’s. This enables corporates to manage their data in a single location and gives control over which banks or other organisations under AML regulation should have access to their data.
- Invidem has a unique business model, gathering and validating data from multiple sources, including the customers themselves, in line with a Nordic standard for compliant KYC information. With these advanced partners we allow our clients to make even more sophisticated risk assessments, says Marit Bø Bornstein, CEO at Invidem.
Driven by a firm’s internal policies and choice of reliable, independent sources, Encompass automatically constructs corporate ownership structures, discovers beneficial owners, and screens relevant entities and persons for regulatory, reputational and financial risk in minutes.
- 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 to ensure a better end customer experience. This is a significant step forward, says Wayne Johnson, CEO and Co-Founder, Encompass Corporation.
iMeta is a trusted provider of client lifecycle management solutions, providing accelerated, compliant customer journeys for global, regulated institutions and specializing in mastering data, automating processes and regulatory compliance.
- iMeta is delighted that our platform has been chosen for this ground-breaking KYC Utility. 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, comments Ben Marsh, CEO, iMeta Technologies Ltd.
For further information, please contact:
Marit Bø Bornstein, CEO, Invidem
marit.bo.bornstein@invidem.com
About Invidem AB
With the important mission to make banking easier and safer by improving customer experience whilst preventing financial crime in the Nordics, the company was formed in July 2019 after a joint project under the name Nordic KYC Utility. The founders of the new company, now named Invidem are leading banks in the Nordics: Danske Bank, DNB, Handelsbanken, Nordea, SEB and Swedbank.