Swiss-based due diligence utility KYC Exchange has signed service contracts with Commerzbank, Société Générale and Standard Chartered for the regular exchange of Know Your Customer data between the banks and their clients. KYC Exchange Net (KEN) was launched in January to provide the banking industry with a shared communication platform for the mutual exchange of KYC data. It is competing with a host of other up-and-coming utilities from Swift, Thomson Reuters and Markit to secure bank support for its approach.

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