Swift Profile set for launch

摘要

Swift will launch a new product called the Swift Profile, which will create reports detailing a financial institution's correspondent banking activities. From January, firms will be able to provide these reports to anyone they plan on doing business with in an attempt to address the challenges surrounding know-your-customer (KYC) requirements. (See analysis, p22.) "By providing a global summary of an institution's Swift traffic activities, the Swift Profile can help banks to focus their due diligence efforts and improve the effectiveness and efficiency of their KYC assessments," said David Fleet, managing director of CDD and middle office at Standard Chartered. The Swift Profile has been developed in collaboration with 12 major banks and can be used in conjunction with the KYC registry, another Swift product aimed at streamlining KYC processes.