Strengthening and Streamlining Counterparty KYC

1-800-953-2877

Contact Us

Strengthening and Streamlining Counterparty KYC

         

Contact Us

Counterparty KYC Solutions Drive Efficiency at Banco BPM

Globe with interconnected data

Banco BPM is the third-largest retail and commercial bank in Italy, providing more than four million customers access to financial services worldwide. The bank has built a network of more than 200 financial counterparties to secure access to other markets and financial products. Some are in emerging markets and some are in what the bank classifies as higher risk countries. Banco BPM assesses each one of these partners for risk when they are first onboarded and then again at regular intervals.

They had a strong Know Your Customer (KYC) process in place to review their financial counterparties. However, with 100 entities to review every year, roughly two per week, the Trade Finance team found it was spending a lot of time compiling reports before KYC analysts could even begin assessing risk. Banco BPM wanted to automate the process of building reports to save analysts time to focus on this more important task.

Banco BPM is the third-largest retail and commercial bank in Italy, providing more than four million customers access to financial services worldwide. The bank has built a network of more than 200 financial counterparties to secure access to other markets and financial products. Some are in emerging markets and some are in what the bank classifies as higher risk countries. Banco BPM assesses each one of these partners for risk when they are first onboarded and then again at regular intervals.

They had a strong Know Your Customer (KYC) process in place to review their financial counterparties. However, with 100 entities to review every year, roughly two per week, the Trade Finance team found it was spending a lot of time compiling reports before KYC analysts could even begin assessing risk. Banco BPM wanted to automate the process of building reports to save analysts time to focus on this more important task.

They turned to LexisNexis® Bankers Almanac® Enhanced Due Diligence to support their team of KYC analysts. The team now conducts all its financial counterparty risk assessments from start to finish using this dedicated software solution. Banco BPM estimates that its analysts save roughly ten hours every time they conduct risk assessment on a financial counterparty.

Download the case study to discover how LexisNexis® Risk Solutions helped Banco BPM increase the efficiency of its counterparty KYC processes, and learn more about our solutions.

Access Full Case Study Here

Download PDF

Have Sales Contact Me

Products You May Be Interested In