There are many good reasons why you need to consider connecting to the eKYC portal,that is if this is something that you have not done already. A lot of financial firms are connecting to local eKYC utilities and they achieve a lot of benefits as a result of doing this. Below are some of the Important benefits that financial institutions can realize by accessing an e-KYC utility.
First of all, connecting to the eKYC portal can help ensure greater regulatory compliance and control. With this technology, Chief Commercial Officers (CCOs) can rest assured that a KYC recordis completed to a group policy standard. By harnessing all client data, documentation and compliance outcomes via a single client view, it is estimated that financial institutions can expect to re-use approximately 75 percent of their centralized client and counterparty data across all regulatory frameworks, such as tax (FATCA, CRS, 871M), AML/KYC, and OTC Derivative rules (such as EMIR, Dodd-Frank, MiFID II etc.). This means that data is more up-to-date and accurate.
Connectingto the eKYC portal can also lead to significant operational efficiencies &cost savings. E-KYC utilities can help minimize costs by enabling banks to standardize and automate technology, processes, data as well as organizational models. With this technology, organizations can also rationalize systems, harmonize operations, and reduce duplication as well as inefficient processes.
By making use of an eKYC utility, financial service firms can expect to avoid repetitive onboarding processes and reviews, because the work has already been done by other service providers, and the data is already stored centrally and securely. This helps do away with a lot of the traditional effort involved, including a large number of touch points that happen during the onboarding process, or instance client contact and sign-offs.
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