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PwC solution utilises DueDil tech to automate KYB for banking client
Professional services firm PwC has teamed up with London-based RegTech specialist DueDil to automate Know Your Business (KYB) checks for a banking client. PwC has teamed up with DueDil, which provides insights on over 5 million companies in the UK and Ireland, to speed up mandatory KYB and AML checks for a PwC banking client. The client now benefits from faster, more efficient services with increased accuracy ensuring adherence to regulatory requirements.
Checks that were previously conducted manually will now be fully automated using the DueDil API, enabling the client to deliver an enhanced overall customer experience.
In addition, DueDil and PwC are working together using the PwC’s Digital Ecosystem Banking sandbox, a project devised to demonstrate the ease of shifting a legacy bank model to a partnership banking model. The aim of the work between the two firms is to improve regulatory compliance and improved access to financial services for more Small and Medium Enterprises (SMEs).
Mike Kennelly, PwC Director, said:
“Our clients need access to high quality digital data to drive better and faster credit decisions for their SME customers. Using DueDil’s APIs we are able to access a wide set of valuable data in realtime. PwC is always looking to work with partners that disrupt existing processes and DueDil have proven ability to do just that, so we are delighted to work with them.”
Justin Fitzpatrick, DueDil CEO, said:
“Keeping up with the ever-evolving regulatory landscape and a fast moving competitive environment presents numerous challenges for financial institutions. Teaming up with PwC to offer a seamless KYB solution to their clients will make it easier for institutions to ensure they are compliant and avoid unnecessary regulatory scrutiny. Using the DueDil API, PwC will be able to provide a fully automated solution and a better customer experience to financial institutions. The next wave of digital transformation will reshuffle the competitive landscape. We’re excited to be partnering with PwC and their clients during this pivotal time in the market.”
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