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.
The SWIFT KYC Registry for corporates is a new central repository for standardised KYC information that will address current inefficiencies. It provides a secure self-service repository, simplifying the way that multi-banked corporates exchange and maintain their KYC due diligence details with their banks.
Currency volatility in Africa is being fuelled by unprecedented economic shifts in global markets. Given that most African economies have fragile economic fundamentals, weak growth and high fiscal risks could hinder their ability to benefit from the currently on-going global rate cutting cycle.