Click here to close now.




















Welcome!

Blog Feed Post

KYC Exchange Net AG launches new secure communication platform for Know Your Customer purposes after successful test phase

London- 17 January 2014 - KYC Exchange Net AG, Switzerland, now offers a secure web-based communication platform for Know Your Customer (KYC) and Customer Due Diligence (CDD) purposes to the international banking community. Founded in June 2013, KYC Exchange Net AG started an international rigorous two-stage test phase in September and is now going live with the innovative platform which assists the Financial Industry to comply with Anti Money Laundering (AML) and KYC regulations. KYC Exchange Net's platform increases efficiency and allows for the cost-effective exchange of KYC data between regulated financial institutions such as banks and their clients.

In the daily international financial business, banks are required to comply with Know Your Customer (KYC) and Anti Money Laundering (AML) regulations. This is a highly time and cost-intensive process which involves the collection, validation, analysis and constant updates of the clients' data. KYC Exchange Net AG was founded with the objective to provide the Financial Services Industry with a secure communication platform to facilitate compliance with these regulations and allow for a cost-effective exchange of the required KYC data.

Together with IHAG Holding and its partner companies AdNovum AG and Evalueserve AG, KYC Exchange Net AG has formed a large scale, comprehensive partnership and is now offering the KYC platform as a global solution.

KYC Exchange Net AG entered an international intensive two-stage test phase last September. The first stage included banks in Western and Central Europe. Valuable feedback from the pilot banks was then used to fine-tune the platform, and the second test phase was carried out with a wider range of banks in Eastern Europe and Asia. The participating pilot banks included globally active investment and transaction banks, private banks as well as banks with regional focus, in particular with Eastern European and Middle Eastern links. The composition of the pilot bank group demonstrated that the platform is suitable for various types of institutions and clients on a global scale.

Participants in the test phase confirmed that they were able to realise significant efficiency gains due to faster collection and distribution of the KYC data and its consistency in data structure. Feedback indicates time savings of up to 90% in the front office where client data is being collected. Further savings of up to 50% are expected in the middle and back office as the KYC data which is verified and validated is more complete and accurate than traditionally collected data. Based on their experience in the test phase, some of the participating banks have already indicated their intention to sign up as regular users of the platform.

The KYC Exchange Net solution operates as an internet based platform and there are no cost related to any software or terminals. Banks will pay a fee for the exchange of KYC information through the platform.

The successful test phase has shown that the platform is suitable for all banks globally and will be available via www.kyc-exchange.net as of 22nd January 2014. KYC Exchange Net AG is already working to develop the offering further and is targeting to provide a similar solution to Corporates, Insurance Companies and Asset Management in one of the upcoming releases.

For more information please contact:
KYC Exchange Net AG
Joachim von Hänisch/Marcel Krist
Postfach 311
Hotelstrasse
CH-8058 Zürich Airport
Office: +41 44 567 61 57
Email: [email protected]
www.kyc-exchange.net

Marcel Krist, Phone: +41 79 562 44 66
Joachim von Hänisch, Phone: +44 79 9079 2928

About KYC Exchange NET AG
KYC Exchange Net AG is a Swiss company with the primary purpose to develop and maintain the KYC Exchange Net platform and provide the Financial Services Industry with a secure communication platform for KYC/CDD purposes. Its objective is to allow for the cost effective exchange of Know Your Customer (KYC) and Customer Due Diligence (CDD) data between regulated financial institutions (e.g. banks, insurances) and their clients. KYC Exchange Net AG was founded in June 2013 and is incorporated in Zurich, Switzerland. The company is owned by its senior management and IHAG Holding AG of Zurich, a large, independent, family owned group of companies with its guiding principle "Investments in tomorrow". The group's roots go back to the 1920s. The group is active on a global scale and has invested in various industries; among those are holdings in Financial Services, Information Technology and Knowledge Process Outsourcing. Further information can be found at www.ihagholding.ch

Source: RealWire

Read the original blog entry...

More Stories By RealWire News Distribution

RealWire is a global news release distribution service specialising in the online media. The RealWire approach focuses on delivering relevant content to the receivers of our client's news releases. As we know that it is only through delivering relevance, that influence can ever be achieved.

Latest Stories
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes ab...