The owners of Invidem, founded in 2019 by six Nordic banks to develop a joint standard and platform for KYC processes, have decided to wind down the company after the regulatory and technological development in recent years changed the prerequisites for the business.
Invidem was created in 2019 as a joint initiative by Danske Bank, DNB, Handelsbanken, Nordea, SEB and Swedbank in order to simplify and standardise the know-your-customer-process and thereby create scale benefits for both customers and banks. However, the rapid development within the regulatory and technological areas in recent years has made this task more complex than was anticipated. At the same time, it has become more difficult to achieve the desired scale benefits. In parallel with the work within Invidem, the participating banks have in recent years developed and strengthened their own KYC processes and platforms, which is work that will continue on an individual basis.
“Even though Invidem will now be wound down, we have learned a lot through the good cooperation we have had within the company. What’s more, we have laid the foundation for a lasting improvement of KYC processes conducted in the Nordic region, which is positive. This knowledge we take with us as the company is wound down, and, to the extent possible, cooperation between the banks in these matters will continue also going forward,” says Stefan Stignäs, the chairman of Invidem.
“It has been both an inspiring and challenging journey that now has come to an end. I would like to thank the great Invidem team, our customers and all partners,” says Marit Bø Bornstein, CEO of Invidem.