IHS Markit KYC Services leverages new technology to enhance managed services and public data
Today's rapidly evolving regulatory environment means firms are increasingly looking for faster and more cost-effective methods to reduce the burden of know your customer (KYC) requirements.
To serve this growing demand, IHS Markit KYC Services has partnered with robotic process automation specialists, encompass corporation to support the automated procurement of data from a wide range of sources including corporate registries, exchanges, regulator sites and other local authorities and associations. encompass corporation specialises in the aggregation, presentation and visualisation of data to support accelerated KYC due diligence processes.
By integrating this technology into Counterparty Manager's KYC Services, IHS Markit has improved data quality and is delivering a 30% reduction in the time taken to gather KYC data, as well as offering further benefits associated with automation including:
- Enhanced quality and consistency of KYC - automation ensures processes are carried out in the same way every time.
- Reduced complexity of customer onboarding - intelligent process automation is capable of handling complex analysis in a fraction of the time taken by humans.
- Improved compliance standards - automation of standards ensures demonstrable compliance with full audit trails.
"Our partnership with encompass is helping us increase efficiency, speed of production, and further improve our high quality due diligence for our KYC services," said Marjorie Chee, global head of KYC Services, IHS Markit. "Through technology, we have automated traditionally manual processes, improving data quality for our growing customer base as well as scaling up to support new jurisdictions - allowing us to have a greater risk focus on screening for negative news and politically exposed person (PEP) checks rather than purely data collection."
"IHS Markit KYC Services are trusted by leading financial institutions globally and we are pleased to be supporting their ongoing innovation and commitment to their outstanding customer offering", said Wayne Johnson, CEO and co-founder of encompass corporation.
Our KYC Services streamlines and automates the collection of customer information and KYC due diligence reviews, enabled through our KYC portal, our experienced KYC operations team, and our extensive network of client contributors.
KYC Services enables the sell-side to obtain publicly available KYC information automatically, outreach to and exchange KYC information with their customers, and conduct KYC due diligence on their customers. The services also enable the buy-side to exchange their KYC information with their counterparties through a single centralised portal.
KYC Services focuses on two service offerings which support our customer's KYC processes, both for onboarding new customers, and refreshing / remediating information on their existing clients. These offerings, which leverage our bespoke technology and KYC operations team, include:
- Our public information KYC review ("PKYC"), with ability to include screening services
- Our managed service provides more bespoke services based on client need.
For more information, get in touch at sales@ihsmarkit.com
S&P Global provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.
This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.