Financial data provider Markit has partnered with business process management company Genpact to launch a new know-your-customer (KYC) service for client on boarding and to help banks outsource their compliance functions.
Debuted as Markit ? Genpact KYC Services, the new service will collect and manage data that banks require from their clients to do business and comply with KYC and anti-money laundering regulations.
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The new service will be available for banks from July this year and will initially cover on boarding of clients subject to UK and US regulations.
In addition, the service will streamline client onboarding and reduce operational risk and compliance costs, by centralizing the collection and management of KYC data. It will alsomonitor client information and perform proactive data revalidation on regular schedules.
The new product has been designed in partnership with Citi, Deutsche Bank, HSBC and Morgan Stanley.
Using this service, bank clients including asset managers, corporations and hedge funds, can sign up for the service to upload documents and offer sellside firms permission to access their information.
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By GlobalDataJoe Widner, Dallas-based managing director at Markit, said: "But Markit-Genpact KYC Services are now taking that to the next level and giving users the ability to share the information on a standardized basis. So it is an enhancement, combined with the scalability and the other technology pieces that Genpact brings.
"That framework includes things like client outreach, data privacy, information security – all of those components you would need for this sensitive type of data," added Widner.
