Streamlining KYC operations

The Netherlands

Bank’s perpetual KYC hindered by manual data and lack of STP

In the realm of maintaining stringent security measures and operational compliance, the concept of perpetual KYC (Know Your Customer) emerges as an ongoing process to continuously update and validate customer information. This approach goes beyond the conventional periodic KYC checks, requiring a sustained effort to stay updated with customer details.

XLINQ was approached to assist a prominent multinational bank in overcoming challenges with implementing perpetual KYC for wholesale banking clientele. Due to the lack of straight-through processing (STP) for continuous end-to-end KYC procedures, the operations team manually collected data from multiple internal and external sources. These tasks involved party comparisons and policy rule checks, frequently resulting in repetitive and error-prone processes. The involvement of multiple stakeholders in the intricate KYC process added an additional level of complexity.


Integrative, all-encompassing solution for end-to-end KYC Process

XLINQ developed a bespoke central perpetual KYC Orchestrator that connects all the upstream and downstream systems involved in the end-to-end KYC Process.

Unlike traditional systems, our solution is highly configurable, which allows the client to create customized KYC data categories that simplify compliance and adhere to existing regulations. The user interface makes it easy for operations teams to manage the process and follow the step-by-step workflow: commercial assessment and decisions, data gathering, data comparison, policy application, outreach questions, evidence collection, data update, risk assessment, and perpetual run. Additionally, the integrated automated tools ensure accurate risk assessments that are based on up-to-date data.


Automated processes & seamless compliance

The solution empowered our client to eliminate manual processes and cumbersome paperwork, all while maintaining compliance with the latest regulations. The operations team has successfully leveraged the KYC Orchestrator to manage and track end-to-end customer KYC journeys with multiple stakeholders. In addition, the integration with file-based upstream and downstream systems has enabled seamless interfacing with multiple data sources of varying formats within a short timeframe.