Nordic corporate bank SEB has selected Blacksmith’s KYC platform to automate and improve its data collection for financial institutions.
As part of the agreement, Blacksmith will facilitate SEB’s data-driven approach to know-your-customer (KYC), deliver time savings in data collection and reduce the need for customer outreach.
The new mandate follows the successful execution of a KYC pilot project carried out by the two companies last year.
Blacksmith’s KYC platform collects relevant data from the sources it trusts, delivering customer due diligence (CDD) files.
With its DataHub and Digital Policy Manager, Blacksmith KYC says it can cut CDD files in half. This enables its clients to remain compliant with changing regulations.
Madeleine Alftin, head of regulatory development at SEB, says: “Within SEB, we have adopted a data-driven approach with APIs connecting systems to each other. That way, we have automated retrieval of data and subsequent insertion into our processing tool. We have also improved our data collection process.
“Blacksmith’s digital policy manager and primary sources data hub were the key differentiators that played a decisive role in our decision to opt for the Blacksmith KYC platform.”
Nynke Postma, CEO of Blacksmith, comments: "With the learnings of the pilot project, Blacksmith customised the platform to meet SEB’s specific functionality needs to guarantee a smooth implementation of the platform. We’re glad we succeeded in gaining SEB’s trust. This is a key step in our growth journey.”
