Raiffeisen Bank International and kompany sign contract for next-generation business KYC solution

Raiffeisen Bank International and kompany sign contract for next-generation business KYC solution
14.06.2018 07:55 am

Raiffeisen Bank International and kompany sign contract for next-generation business KYC solution

RegTech , Banking
  • Contract covers the development and implementation of a group-wide business KYC solution
  • Customers benefit from a fully compliant, lean and efficient KYC process
  • Further milestone in RBI’s fintech partnership program Elevator Lab

The Austrian-based RegTech start-up kompany and Raiffeisen Bank International (RBI) signed
a contract for the development and implementation of a group-wide next-generation
business KYC (Know Your Customer) solution.
Johann Strobl, CEO of RBI, confirms that both parties are moving into the implementation
phase. “Our aim was to lower the time and costs involved in achieving regulatory
compliance. Cooperating with kompany helps us to reach this goal by streamlining the
process through the use of cutting-edge technology. This gives us a competitive advantage
in terms of better serving our business customers.”
The KYC solution was developed by integrating multiple services into a complete and unique
cloud-based platform, thus streamlining the compliance steps in accordance with RBI’s
structure and business demands. Customers will benefit from several new value-added
functionalities such as real-time, automated and cross-border commercial register checks. As
a result, customers no longer have to provide original documents in the KYC process, if the
required company information can be accessed via official and authoritative sources.
kompany Founder and CEO Russell E. Perry is excited about adding RBI to kompany’s banking
clients: “As the leading RegTech platform for real-time and audit-proof company information,
we have created a next-generation blueprint for business KYC in the financial industry. RBI
was a great partner during the Elevator Lab and we are now looking forward to working with
RBI on the further automation of its compliance processes.”
Further milestone in RBI’s fintech partnership program Elevator Lab
The contract is also a further milestone in RBI’s fintech engagement, as kompany was one of
five participants in the first round of RBI’s fintech partnership program “Elevator Lab”. During
the program RBI and kompany developed the proof of concept for this group-wide business
KYC solution.
Until 24 June, RBI is calling for fintech applications for the second round of Elevator Lab.

Related News

MUFG Europe Selects Wolters Kluwer for Regulatory Reporting and Risk Software in Germany and The Netherlands

MUFG Europe, the European subsidiary of Japan’s Mitsubishi UFJ Group, has chosen Wolters Kluwer’s OneSumX software to manage a number of regulatory and risk reporting... Read more »

ACA Compliance Group Selected for RegTech 100 for 2019

The RegTech 100 recognizes the most innovative companies providing technology solutions that address the challenges of dealing with regulatory issues within financial services... Read more »

ClauseMatch named to the RegTech 100 list of the pioneering companies transforming compliance, risk management and cybersecurity for 2019

ClauseMatch, a London-based regulatory technology company with a unique SAAS offering for financial institutions, has been selected to the list of the world’s most innovative... Read more »

ENCOMPASS HIGHLY COMMENDED IN REGULATION ASIA REGTECH AWARD

encompass has been highly commended in the RegTech category for AI & Machine Learning in the inaugural Regulation Asia Awards for Excellence 2018 at a... Read more »

ClauseMatch recognised as one of the leading RegTech firms 2018 by CB Insights

CB Insights named ClauseMatch to the second annual Fintech 250 list, a... Read more »

Konsentus to offer OBIE sandbox

Konsentus, a RegTech solutions business, which facilitates checking the identity and regulatory status of Third-Party Providers (TPP), enabling Financial Institutions (FIs) to... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App