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MAY 2015/ISSUE 24.8


GLOBAL INDEPENDENT PERSPECTIVE ON FINANCIAL TECHNOLOGY Swift plans next steps for KYC initiative The Society pushes for KYC Registry to become industry’s default utility, liaises with regulators


Five months on from its full launch, Swift used its London Business Forum on 23rd April to set out next steps for its Know Your Customer (KYC) Reg- istry as it seeks to establish this as the industry’s default utility. The current focus is on financial institutions, with funds to be added during 2015, but there are plans to extend this to corporates and other non-FIs, said Guy Sheppard, Swift’s KYC Registry market manager. Swift set out a number of planned additional


features, starting with advanced alerts (at present the only alerts are if data changes), with others to follow around areas such as politically exposed person (PEP) screening and Swift Relationship Management Applications (RMAs) status. There


will be additional content, likely to include third party information on bad press and regulatory actions (at present, all content is submitted by the bank in question). And Swift will look to improve interoperability, including APIs to allow links to client or third party platforms and other registries, plus a common taxonomy. Moreover, Sheppard revealed that Swift


is starting to liaise with regulators about how acceptable the data is for AML compliance. While the current content is only uploaded by the rele- vant bank, he emphasised the ‘validation, checks and balances’ carried out by Swift.


...continued on page 15


Fundtech sold to D+H Corporation for $1.25 billion Fundtech’s founder describes the latest development as a ‘great strategic fit’


Following months of speculation that GTCR, a Chicago-based private equity firm, was looking to offload Fundtech, the sale announcement has been made public. Fundtech, acquired by GTCR in 2011 (when a sale to S1 fell through), is now being passed on to Canada-based D+H Corporation, for $1.25 billion. Reuven Ben Menachem, founder and CEO of Fundtech, said in a statement that D+H and Fundtech were ‘a great strategic fit’. The deal is expected to close in Q2 of fiscal 2015. D+H already owns Harland Financial Solu-


tions, a US-based core banking software ven- dor (purchased in 2013 for $1.2 billion), and the acquisition of Fundtech is deemed complemen- tary, expanding D+H’s presence to the EMEA and


APAC regions and providing it with a broad set of payments solutions. The combined company will boast a base of 8000 clients (including eight of the top ten and 32 of the world’s top 50 banks). Financially, the combination of D+H and Fundtech would result in pro forma 2014 adjusted revenues of around $1.45 billion. Speaking at the acquisition conference call,


Gerrard Schmid, CEO of D+H, described the deal as ‘compelling’. ‘We believe this transaction will bring value to our shareholders. Fundtech is a profitable company with a strong growth profile, and it is positioned in a high-growth market,’ he stated. ‘In the US, it increases our exposure to the domestic market, extending our relevancy to all


inside


ANTI-MONEY LAUNDERING, COMPLIANCE AND REGULATIONS


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US banks, including the largest players.’ Here, near- ly two thirds of the top 300 banks will be on the D+H customer list thanks to Fundtech. So far, D+H has been operating in the small to medium sized banking and credit union space (Harland’s tradi- tional market), observed Schmid.


...continued on page 6 Swift HQ, La Hulpe


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