BGL BNP Paribas, a Luxembourg-based bank and part of the BNP Paribas Group, has subscribed to i-Hub know-your-customer (KYC) services and has taken a financial stake in the start-up.
Launched by Post Group Luxembourg in 2019, i-Hub specialises in the automation of KYC processes via a centralised digital and secure storage solution for the personal data and supporting documents of financial institutions’ clients.
BGL BNP Paribas explained it is exploring new digital and innovative solutions to better serve its customers and enhance its anti-money laundering (AML)/KYC tools as part of ongoing efforts to optimise its operational efficiency.
The partnership with i-Hub will enable the bank to offer its customers a solution for the management and digital storage of their data and identification documents they are required to provide in the context of their relations with players in the financial sector.
The proposed shared solution will provide each customer with free access to a ‘centralised KYC repository’, allowing customers to file, consult, update or upload their documents or identification data remotely at any time.
Customers are also set to benefit from automatic updates of public information relating to legal entities published on trade registers’ websites worldwide, as well as registers of beneficial owners.
“Having launched i-Hub in 2019 and initially integrated POST Finance customers into our systems, this partnership with BGL BNP Paribas reaffirms the growing interest towards our KYC outsourcing and pooling solution. These processes are becoming increasingly expensive and time-consuming for financial institutions to maintain,” commented i-Hub’s CEO Pascal Morosini.
Fabrice Cucchi, chief transformation officer at BGL BNP Paribas, explained: "Improving the client experience within a highly secure environment and strengthening the operational efficiency of our KYC systems are key priorities for the bank. We believe that the Luxembourg financial centre needs a high-level pooled system, which would benefit all parties. We are delighted to join i-Hub and Post Group in this innovative initiative."
