COORPID

For financial institutions, the onboarding of new clients and making additional products and services available to existing clients are being severely impacted by the ever growing Know Your Customer (KYC) compliance requirements. An important step in the whole KYC process – the client outreach – is often a very time- consuming, burdensome and costly process. Large corporations have to respond to these requests timely and make sure that they provide up-to-date information to each of their financial institution partners. This can become a real challenge, in particular, for multi-entity corporations that operate across several geographies and have multiple banking relationships. Nearly 40% of the corporate treasurers we surveyed provide KYC documents to 50+ banks or business partners. That's a lot of admin. Especially when you consider that 64% receive more than 11 KYC information requests a year. The CoorpID web-based platform helps these corporations to easily structure, manage and share their KYC company information with their corporate business partners. This information is used as the starting point for desktop research of the bank. Because it is structured beforehand, it minimizes the client outreach process, reduces repetitive manual tasks, avoids errors, saves time and cuts costs: a win-win situation for both parties. As constructive rebels, we take an unconventional approach and balance expertise and experimentation to arrive at creative solutions. At CoorpID, we are committed to our client's success. We value collaboration. We are confident in our way of working and we provide clarity to all our stakeholders. The purpose of CoorpID is to minimize the KYC regulatory burden so that financial institutions and large corporations can focus on their core business. KYC regulations are complex. CoorpID brings clarity, structure and facilitates the KYC process for both the user and the bank.