NEW YORK, Oct. 8, 2015 /PRNewswire/ -- BNY Mellon, a
global leader in investment management and investment services, has
made the utilization of SWIFT's Know Your Customer (KYC) Registry
an integral part of its enhanced client onboarding process.
Designed to help users reduce the cost, effort and risk related
to KYC compliance, SWIFT's KYC Registry includes nearly 1,500
financial institutions, including banks, fund distributors and
custodians, in more than 170 countries. Developed in
collaboration with major global financial institutions, the
Registry provides a streamlined, global centralized repository and
data sharing platform for standardized information about
correspondent banks required for KYC compliance.
Banks and other financial institutions contribute baseline data
and documentation to the Registry for validation by SWIFT.
Once it becomes part of the Registry, the information can be shared
with counterparties of the participating financial
institutions. Participating financial institutions
retain ownership of the information they provide, and also must
approve requests from other Registry users to access their
information. SWIFT operates the service and provides an
ongoing review of the information, notifying Registry users when
the information they have contributed is out of date.
Focused on providing clients with an enhanced onboarding
experience, the reengineering of BNY Mellon's process includes
initiatives to streamline and simplify the collection and
management of onboarding information. Utilities like SWIFT's
KYC Registry will be utilized to quickly and efficiently obtain
information that previously clients may have been asked to provide,
and standardized onboarding information will be made readily,
reliably and securely available across multiple lines of
business. The end result will be less time and effort devoted
to onboarding and a more rapid transition to helping clients
achieve their investment objectives.
"Standardization and transparency – hallmarks of the onboarding
improvements we're making – were built into SWIFT's KYC
Registry. Our utilization of SWIFT's KYC Registry is a great
example of how the reengineering of our onboarding process is
leveraging best-in-class industry utilities," said Amy G. Harkins, managing director and global
process owner for client onboarding at BNY Mellon. "It also
demonstrates how our strategic focus on operational excellence
translates into significant benefits for our clients — in this
case, enhanced KYC support as part of account openings and
maintenance."
"'We are delighted to welcome another major global provider of
correspondent banking services to The KYC Registry community," said
Bart Claeys, Head of KYC Compliance
Services, SWIFT. "As a longtime, valued partner, BNY Mellon has
made important contributions to a number of SWIFT initiatives.
Their participation in The KYC Registry continues and enhances that
tradition."
Notes to Editors
SWIFT is a member-owned cooperative that provides the
communications platform, products and services to connect more than
10,800 banking organizations, securities institutions and corporate
customers in more than 200 countries and territories. SWIFT
enables its users to exchange automated, standardized financial
information securely and reliably, thereby lowering costs, reducing
operational risk and eliminating operational inefficiencies.
SWIFT also brings the financial community together to work
collaboratively to shape market practices, define standards and
debate issues of mutual interest.
BNY Mellon is a global investments company dedicated to helping
its clients manage and service their financial assets throughout
the investment lifecycle. Whether providing financial services for
institutions, corporations or individual investors, BNY Mellon
delivers informed investment management and investment services in
35 countries and more than 100 markets. As of June 30, 2015, BNY Mellon had $28.6 trillion in assets under custody and/or
administration, and $1.7 trillion in
assets under management. BNY Mellon can act as a single point of
contact for clients looking to create, trade, hold, manage,
service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation (NYSE:
BK). Additional information is available on www.bnymellon.com.
Follow us on Twitter @BNYMellon or visit our newsroom at
www.bnymellon.com/newsroom for the latest company news.
Contact:
Ron Sommer
+1 412 236 0082
ron.sommer@bnymellon.com
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SOURCE BNY Mellon