" class="no-js "lang="en-US"> SEB implements Blacksmith’s KYC platform for automation of its financial institutions KYC process
Monday, April 15, 2024

SEB implements Blacksmith’s KYC platform for automation of its financial institutions KYC process

Blacksmith KYC and the leading Nordic corporate bank Skandinaviska Enskilda Banken AB (SEB) are pleased to announce that SEB is implementing Blacksmith’s KYC platform to automate and improve its data collection for financial institutions KYC. SEB and Blacksmith KYC embarked on a KYC improvement journey together one year ago. Following the successful execution of an initial KYC pilot project, the platform has now been implemented to digitalise the financial institutions KYC process at SEB.

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.

Madeleine Alftin, head of regulatory development at SEB: “Within SEB, we have adopted a data-driven approach with APIs connecting systems to each other. So that way we have automated retrieval of data and subsequent insertion into our processing tool. We have also improved our data collection process. Blacksmith’s digital policy manager and primary sources data hub were the key differentiators that played a decisive role in our decision to opt for the Blacksmith KYC platform.”

Nynke Postma, CEO of Blacksmith, said, “With the learnings of the pilot project, Blacksmith customised the platform to meet SEB’s specific functionality needs to guarantee a smooth implementation of the platform. We’re glad we succeeded in gaining SEB’s trust. This is a key step in our growth journey.”

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.

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