Sweden-based Skandinaviska Enskilda Banken (SEB) has implemented Singapore-based Blacksmith ’s KYC platform to automate and improve its data collection. SEB and Blacksmith KYC partnered on a KYC improvement journey together in 2022.

Following the successful execution of an initial KYC pilot project, the platform has now been integrated to digitalise KYC process at SEB. Data-driven efficiency and trust With its automated KYC platform, Blacksmith is able to facilitate SEB’s data-driven approach to KYC, deliver time savings in data collection, and significantly reduce the need for customer outreach. Both parties look forward to further simplifying and streamlining the whole KYC process.

Officials from SEB said that within their company, they have adopted a data-driven approach with APIs connecting systems to each other. So that way they have automated retrieval of data and subsequent insertion into their processing tool. They have also improved their data collection process.

Blacksmith’s digital policy manager and primary sources data hub were the key differentiators that played a decisive role in their decision to opt for the Blacksmith KYC platform. Also commenting on this partnership, Blacksmith’s representatives said that with the learnings of the pilot project, they customised the platform to meet SEB’s specific functionality needs to guarantee a smooth implementation. They’re glad they succeeded in gaining SEB’s trust.

This is a key step in their growth journey. Previous news from Blacksmith In April 2023, Kyckr, a UK-based KYC company, has provided Blacksmith's clients with real-time data retrieval and registry connections, enhancing customer onboarding. Kyckr offers access to aggregated corporate KYC and UBO data from over 300 global company registries, aiding companies in understanding customers and minimising commercial risk.

The integration allows Blacksmith to streamline its KYC process, focusing on risk analysis rather than manual data collection. The partnership ensures trusted relationships with customers, efficient onboarding, and improved risk management through Kyckr's API integration. What does Blacksmith do? Blacksmith, with policy digitalisation as the core of its solution, offers its clients a single platform to digitalise and automatically apply their policy requirements in the KYC process, collect only the relevant data from the sources they trust, and deliver standardised and actionable customer due diligence (CDD) files.

With its DataHub and Digital Policy Manager, Blacksmith cuts the efforts to create CDD files in half and enables its clients to remain compliant with changing regulations. .