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Top 7 Perks of Using the KYC Registry

 

 

 

Extensive documentation and testimonials aside, we captured for you the true essence of the KYC compliance utility of choice for the global banking community, none other than SWIFT’s Know Your Correspondent Registry, appropriate for Banks correspondent relationships.

 

 

  1. Registration, validation and publication of bank’s info are free of charge. You only pay when you access another bank’s info.
  2. Global tier 1-2 banks benefit from 5 free BIC data consumptions if they register by the end of this year.
  3. High-quality validated data: SWIFT’s extensive KYC ops team checks periodically the validity of the documents against public and regulatory resources.
  4. Benefit from reduced effort and costs related to mitigating risks, as well as increased efficiency, by using a single, standardised point of reference.
  5. User-friendly: like in social media, there is a news feed where you can see the updates of the banks you have access to, and you can also directly chat with the KYC users in other banks.
  6. Full access control: your bank data is not public domain, so other users need to ask for your permission in order to access it. By default, access is valid for a year, but you can revoke it anytime.
  7. Even if you do not intend to access other banks info available in the platform, it is still strongly recommended to register into the worldwide compliance bank community that is KYC Registry. This way, you prove your transparency and trustworthiness to other banks!

 

Also, please know that the KYC Registry holds information about institutions, not about individuals or private customers, and the data relevant to Customer Due Diligence requirements includes among others, the following:

  • identification of the customer
  • ownership and management structure
  • type of business and client base
  • compliance information
  • tax information

 

These being said, we kindly invite you to join the nearly 5,000 banks already in the KYC Registry. Please know that we are here to promptly offer you our assistance in this process.

 

 

*Allevo is SWIFT Business Partner and Registered Vendor. As part of this partnership Allevo promotes SWIFT product and service portfolio in Romania.

**The content of this blog post belongs to its author and does not reflect the official position of SWIFT.

***Should you wish to contact us, you may do so via e-mail / website form.

 

 

Instant Payments through FinTP

 

 

FinTP-Instant is a new functionality of FinTP which connects back-office applications of a bank to an Instant Payments service offered by a third party, such as the Romanian ACH, TransFonD. This functionality retrieves payment messages in the format provided by these applications (database tables, message queues etc), converts them to the ISO 20022 standard and routes them to the Instant Payments System (IPS).


One of the requirements of the IPS is for the bank application to have STP capabilities (straight through processing). FinTP successfully meets this requirement, interfacing with the ACH through web services.


In order to fall within the appropriate processing timeframe defined for the instant payments service, the timestamp is created by FinTP.

 

 

 

 

FinTP-Instant Characteristics

  • Message formatting exceptions from originator bank: cancelling and sending reject message
  • Automatic generation and routing of related messages: SCT Inst Recall, Negative answer, SCT Inst Transaction Status Investigation
  • Reports for received or sent instructions
  • Clients and accounts list for processing incoming payments (beneficiary IBAN check and validation etc.) and for generating the confirmation message to the IPS (additional message to the classic SCT scheme)

 

 

FinTP-Instant Functionalities

 

 

Intertek ISO 9001:2008CMMI Level 2ISO  9001/2008 Dun & Bradstreet