ING Germany: Digitalization in the business customer segment with KYCnow

Digitalization is no longer just an option, but a necessity – also in the B2B context. The way banks interact with their corporate clients is becoming increasingly important.

While private customers have been benefiting from digital solutions for some time, corporate customers often still face complex, traditional processes, especially when it comes to account opening and the associated regulatory checks.

The recent collaboration between KYCnow and ING Germany marks a crucial step forward in bringing this area into the digital age. Through the integration of advanced KYC solutions, this partnership fundamentally transforms the banking experience for corporate clients and sets new standards in efficiency and compliance.

This article takes a look at how collaboration lays the foundation for the future of digital corporate banking.

Digital account opening for corporate clients

The need for seamless, digital account opening for corporate clients is undisputed, but the reality often looks different.

Particular challenges here are posed by the increased regulatory requirements and the comprehensive “Know Your Customer” (KYC) check This essential process, which aims to prevent fraud and money laundering, is time-consuming and costly in its traditional form, both for banks and customers.

The KYC process at a glance

The KYC process for onboarding new corporate clients typically begins with gathering all relevant company information. This includes master data such as name and company address, but also the personal data of authorized representatives.

Documents such as the commercial register extract or the articles of association are required. Credit information is also relevant to gain a comprehensive understanding of the business. Furthermore, intermediate companies and the... beneficial owner the company determined.

Once all the information is available, it is reviewed and analyzed. This includes a name screening against blacklists and watchlists, as well as a check for potential [unclear - possibly a reference to a specific individual or group]. PeP status.

Finally, all this information is evaluated to determine the potentially applicable due diligence obligations for the company.

The goal: Efficient onboarding

Manual KYC processes are no longer affordable for any company today – they are simply too costly and time-consuming. The cooperation with ING Germany therefore arose from the clear vision of using advanced technologies to further professionalize the business customer segment.

With the introduction of KYCnow's digital KYC platform, ING aims to offer a faster and more efficient onboarding process for freelancers and small to medium-sized enterprises with maximum security.

This partnership is a clear commitment by both companies to technological innovation and customer focus in the banking sector.

Data collection during customer onboarding

Furthermore, SCHUFA credit reports can be conveniently downloaded from the KYCnow platform. For international data, KYCnow accesses market-leading foreign data providers and can thus additionally supply data on 380 million corporate and business customers from 186 countries.

Get your KYC file in 60 seconds with KYCnow

KYCnow also handles the identification of beneficial owners, the performance of name screening, and the final provision of the risk analysis, including the issuance of the applicable due diligence requirements, all at the touch of a button.

“For those obligated to pay taxes, digitalization and automation mean immense gains in time and efficiency,” Weber continued. This allows them to save costs and simultaneously increase customer satisfaction. Because the faster a customer can access their account, the better for the customer relationship.

Use of KYCnow at ING Germany

KYCnow has been in use at ING Germany since spring 2024. Specifically, it is being used within the framework of… Opening an account for the Business Extra account as well as being used in the bank's back-office processes.

Nadine Methner, Head of Business Banking at ING Germany, on the partnership: “The collaboration with and implementation of KYCnow has fully met our expectations. This technology fits our needs very well and helps us to offer our business customers an even better digital banking experience.”

Do you want to get to know KYCnow? Then book your non-binding demo appointment here now.