Digital corporate customer onboarding with KYCnow in the Cooperative Financial Group of Volksbanken Raiffeisenbanken
The Account opening Can it all be done online? What's already commonplace for private customers isn't so simple for corporate clients. Here, the law requires banks to conduct comprehensive checks before a contract is finalized.
The focus is on testing for potential Money laundering risks of the corporate customer. This is known as the Know Your Customer (KYC) process – and must be carried out by all banks in Germany for new customers and at regular intervals.
Digital customer verification at the touch of a button
What used to be done laboriously through manual research and endless list comparisons is now largely automated. Digital KYC processes They enable banks and financial service providers to identify beneficial owners at the touch of a button and to detect the risk of money laundering at an early stage.
This requires, first and foremost, a reliable and comprehensive database to automatically determine customer data and ensure straightforward company audits.
This is the technology behind KYCnow, the KYC solution from ClariLab – a subsidiary of SCHUFA. KYCnow accesses data from over 6,3 million national companies via an interface and thus determines all relevant master data and interrelationships of these companies within seconds.
KYCnow will be standard in the Cooperative Financial Group from the end of 2023.
This robust database will also be integrated into the digital corporate customer onboarding process of the Cooperative Financial Group Volksbanken Raiffeisenbanken from the end of 2023. This includes the SCHUFF and ClariLab a strategic partnership with BMS Corporate Solutions GmbH received.
BMS Corporate Solutions GmbH is a leading provider of digital solutions for corporate clients. By exclusively combining the core competencies of Atruvia AG and BMS Consulting GmbH under the independent brand BMS Corporate Solutions GmbH, companies and financial service providers are empowered to achieve greater success with comprehensive digital solutions.
"Every entrepreneur has the right to simple banking."
This is according to Dr. Klaus Segbers, Managing Director of BMS Corporate Solutions. The interface between KYCnow and the corporate customer onboarding process of the Cooperative Financial Group accelerates the entire process and makes business operations more efficient.
This has advantages for both customers and financial service providers – after all, in corporate banking, every minute often counts.
“We are delighted to be working with BMS Corporate Solutions to automate the KYC process for cooperative banks in Germany,” says Tobias Weber, CEO of ClariLab. “By using the KYCnow interface, cooperative banks can increase their efficiency and offer their customers a complete onboarding process.”
Strengthening customer trust – with SCHUFA as an established partner
The cooperative banks are shareholders of SCHUFA. Expanding the partnership by integrating KYCnow was therefore a logical step.
But more than that, the intensified collaboration is also intended to strengthen customer trust. Both SCHUFA and the Volksbanken Raiffeisenbanken enjoy a high level of trust in Germany and are recognized as reliable institutions for credit information and financial services. This collaboration enables the partners to transfer this trust to their respective onboarding solutions.
Consultant and app solution coming in 2024
The collaboration is just beginning with the new online platform. For 2024, BMS Corporate Solutions and ClariLab plan to further enhance the customer advisor process and the VR BankingApp on the omnichannel platform with an interface to KYCnow.
The aim is for all channels to benefit from the advantages and efficiency of automated corporate customer onboarding in the future.
Roczniewski