Growing at scale? Streamline the scalability of your KYC process at the same time

In our series of blogs about the bottlenecks of KYC, here's the last one: how to manage the complexity of growing KYC compliance requirements coming from scaling your business?

Growth is a core ambition for the majority of businesses. This growth varies from company to company - but it is not hard to find. Globally, companies grew on average 2.8% per year over the ten-year period that preceded the COVID-19 pandemic.

The pandemic may have disrupted many organisations’ growth plans, but with the pandemic largely fading into memory in many markets, businesses have their sights set on growth once more. Even so, scaling a company introduces challenges. Business leaders must manage an increased number of entities, new geographies, additional personnel, larger amounts of data, and a broader IT landscape. They will also be faced with more KYC compliance requirements.

Empowering growth

To ensure KYC compliance, substantial quantities of data are required by banks and financial institutions (FIs). Corporates must ensure that this data is delivered in a secure, standardised manner - but the scale of this data can vary hugely. One corporate may be an aspiring start-up; another a multinational conglomerate.

In order for corporate treasurers to maintain total control over their data regardless of its scale, they need access to a flexible solutions. This should complement existing tools and processes, so as organisations grow, KYC information requests don’t demand increasing amounts of manual administration.

Managing relationships

Another important factor for treasurers to consider is the number of banks they are engaged with. Managing these relationships will necessarily take up more time as businesses expand - particularly if they operate across more than one financial jurisdiction. As such, it’s important that treasurers use KYC tools that enable them to quickly and clearly view all their banking and business relationships in a single overview.

A centralised platform cannot only display the number of entities involved in your KYC process but also the amount and type of data that must be submitted for these entities. This is where a cloud-based solution is key. It can scale up or down seamlessly, meeting the KYC needs of corporates - whatever their size.

History suggests that KYC regulations will only become more demanding. This means that the amount of good-quality data that must be collected and processed is also set to grow. The right KYC tool can allow distinct data requests from FIs to become part of a continuous workflow with set rules, circumventing the bottleneck associated with KYC scalability.

At CoorpID, our cloud-based platform lets you send KYC company information to your banking partners, delegate tasks within your teams and see when documents have been shared and who they have been shared with. It doesn’t matter how large and complex your KYC process becomes, our solution will help you manage it all. Working with one FI or many? Our KYC tool comes in a size that suits you.