Invidem launches a new service for simplifying the KYC process and preventing financial crime
The company, Invidem, is now being launched into the Nordic market with the mission to create a foundation for a safer “Know Your Customer” (KYC) process, via a new KYC compliant service. The aim is to simplify handling of information through a new standard, whilst preventing financial crime such as money laundering and terrorist financing. Invidem is the result of a unique joint initiative from the six leading banks Danske Bank, DNB, Handelsbanken, Nordea, SEB and Swedbank.
Knowing your customer has become a core issue for most companies dealing with financial transactions. The regulatory environment has become increasingly complex and the cost of making a mistake can be critically high. The enhanced focus on KYC has led to increased demands on the companies that need to provide extensive amounts of information, often on repeated occasions and to several different banking relationships. From this reality, Invidem was born.
Invidem is creating a service for collecting, validating, compiling and selling compliant KYC information. The information only needs to be provided at a single occasion and is then available to anyone who needs it, which makes it easier for both companies and financial institutions. The data that Invidem delivers becomes a foundation for the KYC process.
The six founding banks have agreed upon a common standard for KYC information, which is the foundation of Invidem’s services. These founding banks are also the first customers to use Invidem’s services which, in the future, will also be available to other banks and companies outside the Bank sector that are also affected by money laundering regulations, such as insurance companies, auditing and accounting companies and real estate agents.
In connection to the Nordic launch, Marit Bø Bornstein has been appointed as the new CEO of Invidem. She was recently Chief Information Officer at Collectum and has previously held several leading positions within IT and business development.
“I am very much looking forward to leading and developing Invidem’s operations. By offering a shared digital service for KYC data where we provide and aggregate data, Invidem creates both societal benefits and simplifies financial services through easier and better customer experiences. It is a unique business model that defines a whole new market within KYC,” says Marit Bø Bornstein.
In 2020, Invidem will gradually start offering its services to large and medium-sized companies in the Nordic market in the form of pilot projects with selected customers. The commercial launch will take place in H1 2021.
For further information, please contact:
Marit Bø Bornstein, CEO, Invidem