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Cash & Liquidity Management
Published  6 MIN READ

As Easy As KYC: SWIFT and Seamless Corporate Banking

Complying with the know your customer (KYC) aspect of bank account opening and management has long been a burden for corporate treasurers. For Pepper Group, early access to SWIFT’s KYC Registry has helped bring a number of efficiencies to this process.

Headquartered in Australia, Pepper Group is a well-established global credit provider with specialist experience in consumer lending and asset servicing, across the residential and commercial property sectors. With a variety of lending businesses in countries throughout Asia and Europe, the company is growing rapidly, having expanded into India and set up a subsidiary in China in the past six months, with growth plans for additional markets in the pipeline.

Given the variety of countries it operates in, Pepper employs a multi-bank model with approximately 30 different banking partners globally. With that number of banking relationships, keeping on top of KYC requirements can be time-consuming.

“Every time that we start working with a new banking partner or a new counterparty, my team is tasked with the onboarding – that’s across multiple jurisdictions throughout the world,” says Jimmy Zhang, Corporate Banking Manager at Pepper Financial Services Group. “We’ve found that banks in different jurisdictions have disparate KYC requirements. The lack of standardisation – even within the same banking group – can be extremely challenging.”