RBI and Kompany ink agreement for next generation business KYC solution
The new solution will facilitate customers with enhanced features like automated and cross-border real-time access to commercial register information.
Raiffeisen Bank International (RBI), a leading commercial and investment bank has inked a partnership agreement with Austrian RegTech startup kompany to develop and implement a next-generation Group-wide Know Your Customer (KYC) solution.
The KYC solution was developed by integrating multiple applications into a complete and unique cloud-based platform, optimizing processes and compliance steps as per the structure and business requirements of RBI.
The new solution will facilitate customers with enhanced features like automated and cross-border real-time access to commercial register information. As a result, customers in the KYC process no longer need to produce original documents when the required corporate information can be accessed through public and government sources.
"As the leading RegTech real-time corporate information platform, we have a blueprint for a next-generation business KYC solution As part of Elevator Lab, RBI has been a great partner and we look forward to working with RBI to further automate its compliance processes," expressed Russell E. Perry, Founder and CEO of kompany.
The agreement is another milestone in RBI's fintech engagement since kompany was one of five participants in the first round of RBI's fintech partnership program "Elevator Lab", during which RBI and kompany developed the proof of concept for this group-wide business KYC solution.