Swift Partners with Major Banks on KYC Utility


Swift, the data and messaging services provider, is working with six major banks to develop a utility for know-your-customer (KYC) data, which it plans to bring to market in December.

The firm has signed a memorandum of understanding (MOU) with Bank of America Merrill Lynch, Citi, Commerzbank, JP Morgan, Société Générale and Standard Chartered, who will help create the Swift KYC Registry and use it when it has been launched.

The KYC Registry will collect and distribute the data most commonly

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