CoorpID for Financial Institutions
Thechallenge: streamline your KYC outreach process with
Use the KYC company information that your client has stored in its CoorpID vault as the starting point for your desktop research and minimise the client outreach.
Reduce the KYC burden and streamline your client outreach process with CoorpID
As you know, banks and other financial institutions are having to comply with increasingly strict Know Your Customer (KYC) requirements when onboarding customers, performing reviews, or providing new products and services. As a result, you have to contact your customers frequently to request KYC information. This important step in the whole KYC process – the client outreach – is often a very time- consuming, burdensome and costly process. Customers have to respond to these requests timely and make sure that they provide up-to-date information to each financial institution. This can become a real challenge, in particular, for multi-entity corporations that operate across several geographies and have multiple banking relationships. A challenge that CoorpID has now turned into an opportunity to improve the KYC journey for both financial institutions and their customers.
Handle the whole client outreach information- gathering process in a highly efficient, well-structured and secure manner
Use the KYC information that your client has stored in its CoorpID vault as the starting point for your desktop research and minimise the client outreach
Send targeted information requests to clients to obtain the required KYC information for each individual corporate entity
Avoid communicating and exchanging confidential and sensitive information via email
Easily integrate CoorpID with your existing KYC workflow systems by logging in through the browser or using an Application Programming Interface (API)
Standardise your information requests using the best practices incorporated in CoorpID
Improve the KYC customer experience and customer journey
CoorpID is a secure digital vault and document management tool that financial institutions and their corporate clients can use to exchange KYC- related documents and information. With CoorpID, you and your corporate clients can streamline the KYC compliance process, reduce repetitive manual tasks, avoid errors, save time and cut costs: a win-win situation for both parties.
Trusted & Secure
CoorpID was originally developed within ING’s innovation centre to facilitate the client outreach and KYC data collection process for both the bank and its corporate clients. As a result, CoorpID offers bank- grade security and Chinese walls to control access to information.
CoorpID was designed as a web-based document management and exchange platform that can be used by any financial institution or any client to exchange information securely once they have been granted access to the platform.
Plug & Play
CoorpID is a plug and play web-based tool that can easily be integrated with your existing workflow systems by logging in through the browser or using the Application Programming Interface (API). Its intuitive interface, based on in-depth knowledge of the KYC process, offers an excellent user experience.
"CoorpID clearly adds value for Hapag-Lloyd, we can use it as a central repository and manage our KYC process at the same time. In addition, we can share relevant information straight away with just one click on a button"
Thomas Henrichs. Senior Director, Asset & Structured Finance, Hapag-Lloyd AG
“CoorpID is an ideal tool to streamline and standardise the information- gathering process. ING uses CoorpID as part of our KYC improvement journey as it helps to reduce the KYC compliance burden for both customers and the bank.”
Anthony van Vliet. Global Head KYC ING Wholesale Banking
''CoorpID’s central system helps us save time and enables us to share documents swiftly, securely, and easily"
Compliance Officer, Zeeman textielSupers
"Managing KYC requests has never been this easy. Thanks to CoorpID, we are saving time and increasing the efficiency of our whole KYC process."
With CoorpID, bank customers can:
- Upload their KYC documents to the secure CoorpID vault
- Compile a KYC information package for each corporate entity
- Visualise the organisational and ownership structure of each entity
- Update information on the corporate and/or entity level
- Handle KYC requests quickly and efficiently from one central location
- Select documents and share these documents securely with their bank or business partner
- CoorpID is bank-independent, clients can share documents with multiple banks and business partners
- Share KYC documents securely via CoorpID with banks and business partners that are not registered on the platform
- Remain in control over who has access to the information that they share
- Automatically record all document exchanges and build an audit trail
- Update their KYC information and notify their banks and business partners of any changes with a single click
- Receive automatic reminders of expiry dates
- Streamline collaboration between departments and teams
- Collaborate across entities when handling multi-entity KYC requests
- Assign roles and delegate tasks to colleagues in CoorpID