Kompany and Raiffeisen Bank International (RBI) signed a contract for the development and implementation of a group-wide next-generation business know-your-customer (KYC) solution.
The contract covers the development and implementation of a group-wide business KYC solution.
According to RBI, customers benefit from a fully compliant, lean and efficient KYC process, an addition to RBI’s fintech partnership programme, Elevator Lab.
The KYC solution was developed by integrating services into a complete cloud-based platform, with new value-added functionalities such as real-time, automated and cross-border commercial register checks.
Customers no longer have to provide original documents in the KYC process, if the required company information can be accessed via official and authoritative sources.
Johann Strobl, CEO of RBI, said: “Our aim was to lower the time and costs involved in achieving regulatory compliance. Cooperating with kompany helps us to reach this goal by streamlining the process through the use of cutting-edge technology. This gives us a competitive advantage in terms of better serving our business customers.”
Russell Perry, kompany founder and CEO commented: “As the leading regulation technology platform for real-time and audit-proof company information, we have created a next generation blueprint for business KYC in the financial industry. RBI was a great partner during the Elevator Lab and we are now looking forward to working with RBI on the further automation of its compliance processes.”
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