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By François MASQUELIER, Chairman of ATEL
No one in the corporate treasury community would dare to claim KYCs are not a growing challenge. For the whole financial industry, the Know Your Customer (KYC) processes are repetitive, lengthy, uncertain, never-ending and often highly manual. However, they are necessary to start and then to maintain a bank relationship. SWIFT has been backed by the success of its KYC register for correspondent banking. Therefore, it thought, couple of months ago to launch tests and pilots on corporates. Couple of months after the last pilots, the SWIFT board eventually decided to duplicate this service for its corporate customers and users, as well as for large MNCs. Treasury associations can...
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