How the Invidem KYC Information Platform Works
Achieving standardized and compliant KYC-information has always been a great challenge due to the vastness of the financial system and the sheer number of companies and financial institutions affected. This is the problem Invidem aims to solve: creating a single point of entry for reliable and compliant KYC-information. How does this work? One can compare Invidem to a clearing house for KYC-information. Invidem is the central point where KYC-information is gathered in a pre-agreed set of data (a KYC case) that meets the already set standard, developed by leading Nordic banks. This ensures that the data set meets the needs of the market.
In each case, the request of KYC-information is initiated by one of our clients (e.g. a Bank). The request is “dressed” in data by Invidem using innovative technology solutions in cooperation with 3rd party data vendors and top-class KYC-expertise. The Client then reviews the case, which is then further sent to the End-Customer (the customer of the requiring client) for review, possible amendments and submission. Finally, the file is validated against our standard and sent to the Client who then can proceed.
This is how it works
Interaction between the three parties – Client, Invidem and End Customer – in six steps:
With the introduced solution, the End Customer can efficiently manage their KYC data and grant permissions that enable the sharing of their information with the selected financial institutions that are clients to Invidem. This reduces complexity and effort for End Customers and reduces cost for Clients in ensuring that their customer related KYC-information is compliant with regulations.