Swift’s KYC Registry has pioneered the integration of the International Chamber of Commerce’s (ICC) Sustainable Trade Finance Guidelines, enhancing the capacity of financial institutions to identify environmental, social, and governance (ESG) risks within their supply chains.
With this initiative, corporations that engage with multiple banking partners will no longer need to submit ESG information in various formats through one-on-one exchanges. The incorporation of the ICC guidelines into Swift’s KYC Registry creates a standardized industry framework, enabling corporations to complete and update a single form that can be shared seamlessly with all their banking partners.
Bart Claeys, head of data and analytics products strategy at Swift, emphasizes the growing significance of environmental and sustainability considerations in financial decision-making. He notes, “The influence of sustainability practices on the choices of consumers, investors, corporations, and financial institutions has reached unprecedented levels, driving the demand for ESG due diligence. Unfortunately, a lack of standardization has made it challenging to meet this demand.”
Launched in 2014, Swift’s KYC Registry serves over 6,000 institutions, allowing them to both publish their Know Your Customer (KYC) information and receive data from their correspondents. The platform was expanded to include Swift’s corporate customers in late 2019, aimed at streamlining the KYC data exchange process between banks and corporations.