Raiffeisen Bank International and kompany sign contract for next-generation business KYC solution

The Austrian-based RegTech start-up kompany and Raiffeisen Bank International (RBI) signed a contract for the development and implementation of a group-wide next-generation business KYC (Know Your Customer) solution.

Johann Strobl, CEO of RBI, confirms that both parties are moving into the implementation phase. “Our aim was to lower the time and costs involved in achieving regulatory compliance. Cooperating with kompany helps us to reach this goal by streamlining the process through the use of cutting-edge technology. This gives us a competitive advantage in terms of better serving our business customers.”

The KYC solution was developed by integrating multiple services into a complete and unique cloud-based platform, thus streamlining the compliance steps in accordance with RBI’s structure and business demands. Customers will benefit from several new value-added functionalities such as real-time, automated and cross-border commercial register checks. As a result, customers no longer have to provide original documents in the KYC process, if the required company information can be accessed via official and authoritative sources.

kompany Founder and CEO Russell E. Perry is excited about adding RBI to kompany’s banking clients: “As the leading RegTech platform for real-time and audit-proof company information, we have created a next generation blueprint for business KYC in the financial industry. RBI was a great partner during the Elevator Lab and we are now looking forward to working with RBI on the further automation of its compliance processes.”

Further milestone in RBI’s fintech partnership program Elevator Lab

The contract is also a further milestone in RBI’s fintech engagement, as kompany was one of five participants in the first round of RBI’s fintech partnership program “Elevator Lab”. During the program RBI and kompany developed the proof of concept for this group-wide business KYC solution.

Until 24 June, RBI is calling for fintech applications for the second round of Elevator Lab. http://www.elevator-lab.com/