“Meo integrated perfectly with our existing systems”
KommuneKredit’s goal is to offer leasing and loans to Danish municipalities, regions and joint municipal companies. Previously, only the leasing part required identification from the owners, but it has also become a requirement for the loans. Therefore, KommuneKredit had to find a system to handle the safe-keeping of personal information.
“It is a significant task to store and manage personal data in the correct manner. Our goal was to outsource the safe-keeping of data because we believe in “best-of-breed”, meaning that we all do what we are best at. Therefore, we have not for one second considered developing a solution on our own”, says Christian Jeppesen, customer director and AML manager, who was responsible for finding the best, suitable platform for KommuneKredit.
When you deal with companies, it is simple to identify who the CEO is and who owns the company. But it is different in a municipality - because who is the ultimate beneficial owner, whose identity needs to be verified?
Today, the definition states that the mayor and the municipality director must be considered the municipality’s ultimate beneficial owners. Therefore KommuneKredit keeps the sensitive data of all Danish mayors and municipality directors under lock and key on the Newbanking Identity platform. Only a few designated employees of KommuneKredit have access to this information.
Difficult to develop on our own
“If we had to develop a platform, we would need a lot of governance to determine who should gain access and under which conditions. Aside from the fact that the actual development of the platform would be very complex, it would also involve far too much administrative work with too many unknown factors”, says Christian Jeppesen and continues:
“Today, everything is automated in Meo, where we carry out spot checks on all identity documentation in the system. The platform is easy to work with, and every time we are in dialogue with the Meo founders, they have proved to have an extensive knowledge regarding KYC and GDPR procedures, which gives us a high sense of security.”
Integration with our customer management system
For KommuneKredit, however, a few other factors came into play in choosing a platform to manage their KYC and GDPR compliance. They needed to integrate the KYC system directly with their current customer management system. By integrating Meo with KommuneKredit’s customer management system, it becomes easy for the employees to email their customers, for example, when they must update their identification documents.
Moreover, KommuneKredit was facing a replacement of their current CSR system with a new one, and thus, it was essential to find an easy integrative platform.
“The entire process of implementing Meo in the daily routines has been very agile, and Meo has been very responsive to help to integrate with our customer management system. They are super skilled at integrating the platform with the other systems we use, which is pivotal. The platform works impeccably and has high operational stability. By all means, we have acquired a great solution that meets the full range of our needs”, says Christian Jeppesen.
