The Central Bank of Cyprus (CBC) has officially awarded a tender to a joint venture between Aqubix Ltd and Infocredit Group Ltd.
This monumental collaboration aims to introduce a transformative technical platform, based on KYC Portal CLM, specifically designed for the remote central digital onboarding of new customers and updating existing customer data within credit institutions.
The agreement was signed following a tender process towards the provision of the further modernisation of the banking sector through the provision of fast, flexible, reliable and efficient banking services.
The solution being implemented across Cypriot banking institutions is transformative and empowers both new and existing customers of credit institutions, enabling them to seamlessly verify, authenticate, and furnish compliance details without requiring a physical presence at banking institutions. The advent of this solution heralds the optimization of account opening procedures, promising customers a secure, swift, and exceptionally efficient onboarding experience.
An engaging consultative process involving the Central Bank of Cyprus governor has fostered substantial support for the project. A consortium of eminent local banks, including the Bank of Cyprus, Hellenic Bank, Alpha Bank Cyprus, Astrobank Public Company Limited, the Cyprus Development Bank, and Eurobank Cyprus, have collectively affirmed their active participation in this groundbreaking initiative.
“We are thrilled to be part of such a transformative project and immensely proud that a Maltese product is at the heart of the solution being rolled out. A phased deployment strategy has been envisioned, with the initial phase set for early 2024.” Aqubix Ltd's CEO, Mr. Kristoff Zammit Ciantar.
The project is at an advanced stage of implementation and the platform, which aims to provide faster, more efficient and reliable banking services, allowing electronic submission and identification or updating of customer details by credit institutions without the need for the customer to be physically present, will be ready to be implemented by banks in early 2024.
Specifically, the project will be implemented in three phases:
The first phase includes the remote electronic submission and identification of new customer data and updating of existing customer data (“Client Digital Onboarding & Reviewing”) by credit institutions, through a user-friendly process, without the need for physical presence.
The second phase includes the connection with government services for the immediate reception of data that complements the customer's identification and for the acceleration of the banks' Know Your Customer (KYC) process.
Finally, the third phase includes the exchange of identified customer data between the credit institutions participating in the project ("Information Sharing") to transfer the customer's account, at his request, from one credit institution to another.