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

Corlytics grows in A&O’s Fuse programme

Corlytics, the innovative regulatory... Read more »

RegTech Firm Cappitech Raises $4 Million in Series A Financing to Fuel Growth and Innovation

Fast growing RegTech company accelerates its expansion strategy to meet heightened demand

Read more »

RegTech company ClauseMatch raises $5m in a Series A round led by Index Ventures

ClauseMatch, the RegTech startup that aims to automate the entire regulatory lifecycle to help companies ensure compliance, has announced a Series A investment of $5 million... Read more »

Pontus Vision launches open source GDPR solution for financial institutions​

 Pontus Vision, the London-based RegTech company enabling global financial institutions and government organisations to efficiently and securely manage their large and complex... Read more »

Contego chosen by Open Banking to help kickstart retail banking revolution

Contego, the RegTech and compliance specialist, has been chosen by The Open Banking Implementation Entity (the ‘OBIE’), the body created by the UK’s largest personal and small... Read more »

90% Percent of Banks Polled Want Greater Analytics from Their Regulatory Reporting Data

RegTech research from Lombard Risk, conducted last month at its Regulatory Reporting Conference showed banks operating in the UK are looking to accelerate the use of automated... Read more »

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