Infocredit Group- Aqubix (Malta) consortium enters agreement with Central Bank of Cyprus

An agreement signed between the Central Bank of Cyprus and the Infocredit Group- Aqubix (Malta) consortium is anticipated to contribute to the further development of the Cypriot banking system.

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.

According to Infocredit Group, the agreement defines the services provided for the creation of a platform for the remote electronic process of submitting and identifying or updating customer data from credit institutions (Digital On-boarding).

Speaking to InBusinessNews , the Managing Director of Infocredit Group, Theodoros Kringou, said that 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 On-boarding & 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.

(Source: InBusinessNews)