Start of in-depth workshops to build a trust network in the area of customer onboarding and KYC

For half a year, around 40 participants from 30 different companies, including 10 banks, have been working on the first work package "Identification and collection of basic data from private customers".

The common conclusion was that the creation of a trust network and the harmonisation of data sets, processes and technical interfaces can make a significant contribution to increasing efficiency in the identification of banking clients.

Aligning with such a framework of trust creates added value for companies, customers and partners:

the customer journey becomes easier, faster, and safer
the onboarding costs for each new customer decrease
and thanks to the jointly accepted and practised standards, the integration and settlement efficiency between the involved parties increases.

The new ETSI standard (ETSI TS 119 461), which according to experts will probably also be part of the Finma compliance framework in the future, forms an excellent basis for the establishment of such a trust network. This standard was created to harmonise identification in the context of trust-based services throughout Europe and across industries.

In order to assess and structure the prerequisites and foundations for such a trust network together, several providers and other companies have gathered over the last few weeks and defined the in-depth workshops "Building a trust network".

We would like to express our warmest thanks to all the companies involved for their active cooperation! The in-depth workshops are open for everyone and we welcome you to be also a part of the process and to lay the foundations for a trust network in Switzerland with us!

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