Sweden’s SEB selects Blacksmith KYC to automate corporate client data collection
Swedish corporate bank Skandinaviska Enskilda Banken (SEB) is implementing the know your customer (KYC) platform of Singapore-based regtech Blacksmith KYC to “automate and improve” how it collects and manages data on financial institutions.
SEB taps regtech Blacksmith for KYC
Blacksmith’s single KYC platform comprises of a digital policy manager, customer due diligence (CDD) file generator and data hub. The regtech claims to enable the digitalisation of policy requirements while halving the effort required to create CDD files.
The partnership, which has been a year in the making, is poised to boost data collection efficiency for SEB and minimise the need for customer outreach.
Madeleine Alftin, the bank’s head of regulatory development, says that by adopting a “data-driven approach” connected by APIs, SEB has “automated retrieval of data and subsequent insertion into our processing tool” and “improved our data collection process”.
She also identifies the digital policy manager and data hub components provided by Blacksmith as “key differentiators” in its selection process.
Nynke Postma, CEO of Blacksmith, adds that directed by the outcome of the preceding year-long pilot project with the bank, the delivered platform was specifically customised to “meet SEB’s specific functionality needs to guarantee a smooth implementation”.
