Kundesjekk and SDC enters into strategic cooperation
Agreement between SDC and Norwegian Kundesjekk will strengthen the competitiveness of financial institutions in the Nordic region.SDC and Kundesjekk, which is owned by BankID BankAxept, have entered into a strategic collaboration which will in future make it simpler for financial institutions throughout the Nordics to establish business customer relationships and carry out the statutory customer control.
As part of the fight against money laundering and terrorist financing, financial institutions face increasing reporting requirements for customer controls. This, as well as increasing IT costs, make it absolutely essential for the banks to be able to integrate cost-effective and competitive solutions into their systems.
We have entered into a strategic collaboration with Kundesjekk and BankID BankAxept, which has resulted in a new, cost-effective solution that automates the bank's customer control process, removes manual tasks and thus reduces the case processing time for the bank's advisers. This frees up resources for customer advice and customer care.
- With this collaboration, 28 banks in Denmark and Norway get access to a fully digitized and efficient solution for customer control in SDC's Core Banking system. The solution is expected to be implemented in the first banks after the summer holidays, says Øyvind Westby Brekke, CEO of BankID BankAxept, which owns Kundesjekk.
Will eventually be able to be used by all SDC's customers in Denmark, Norway and Sweden
The solution is based on API's and makes it possible for the banks, via Kundesjekk and BankID, to retrieve relevant data from a number of public players in the Nordic market. This fully digitized process also results in a much easier process for the companies, for example when they need to be set up as a new customer in a bank. The solution will be fully integrated with SDC's Core Banking system and will eventually be able to be used by all our customers in Denmark, Norway and Sweden.
For Sille Stener, Area Director of Digital Channels at SDC, the new solution is the result of an important strategic collaboration:
- Our open Core Banking platform, and the opportunities it brings, are an absolutely essential part of our strategy. An open platform increases innovation and contributes to more cost-effective development, which strengthens the competitiveness of both SDC and our customers. Digitization of business customers is a focus area for SDC and our customers throughout the Nordics, and since Norway is far ahead in the digital field, it was natural for us to look to Norway in particular to find a cooperation partner.
Briefly about the solution
- The new solution can be used by SDC's customers in Denmark, Norway and Sweden and collects a wide range of data from both public and private suppliers for use in the bank's customer control processes
- The solution is expected to be widely rolled out in the second half of 2023 among Norwegian and Danish banks
About BankID BankAxept /Kundesjekk
BankID and BankAxept are Norway's most used services within ID and payment (corresponding to MitID and Nets in Denmark).
BankID is an electronic ID and signature, which is used for everything from online banking, public services and private services within many industries.
Kundesjekk is a know-your-customer service for companies that are required to report, cf. the Money Laundering Act.