Pascal Morosini, CEO of I-Hub, says pooling systems makes it possible to face the high cost of regulatory compliance Maison Moderne archives

Pascal Morosini, CEO of I-Hub, says pooling systems makes it possible to face the high cost of regulatory compliance Maison Moderne archives

The race to digitise financial services continues and sometimes generates new links. That is how BGL BNP Paribas, looking to optimise its operational systems, found a service provider and also a “strategic partner” in I-Hub.

A subsidiary of Post Luxembourg, I-Hub is a startup based in Kayl whose core business is outsourced KYC services--meeting the regulations that require banks and financial services providers to verify the identity of clients--as well as continuous updating of customer records, risk scoring, and filtering individual and companies.

Pooling, security and efficiency 

By joining forces, the bank and the startup have devised a shared solution aimed at providing each client with free access to a “centralised KYC repository” allowing them to file or update their identification documents, to consult automated updates of public information and share files with financial institutions. 

“Following the launch of I-Hub in 2019, with a first integration of Post Finance customers into our systems, this partnership with BGL BNP Paribas reaffirms the importance of such a solution for outsourcing and pooling KYC processes, which are becoming more and more expensive and laborious to maintain”, said Pascal Morosini, CEO of I-Hub.

For his part, Fabrice Cucchi, chief transformation officer of BGL BNP Paribas, said that “improving the customer experience in a very secure environment and strengthening the operational efficiency of our systems relating to knowing our customers are major challenges for the bank. We believe that the financial centre must equip itself with a high-level pooled system allowing everyone to find a utility in it.”

Originally published in French by Paperjam and translated for Delano