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Markit and Genpact launch KYC service

22 May 2014  |  10758 views  |  2 Man hands on paper 1

Financial data outfit Markit and BPO firm Genpact have launched a service designed to help firms manage client onboarding and other know-your-customer requirements.

Markit І Genpact KYC promises to collect, enrich and centrally administer legal entity data and documents that banks require from their clients in order to conduct business and comply with KYC and anti-money laundering regulations, including Dodd-Frank, Emir, Fatca and Mifid.

Bank customers such as asset managers, hedge funds and corporates that sign up for the service can upload their KYC data and documents to the self-service portalfor free and then give permission to sell-side firms to access it.

The partners worked with Citi, Deutsche Bank, HSBC and Morgan Stanley to develop the standards for the service, which they say will streamline KYC efforts and save users money.

It will go live in July, initially covering onboarding of clients subject to UK and US regulations.

Michele Trogni, global head, managed services, Markit, says: "Our KYC offering shows how we can use our expertise in innovative ways to help customers who are increasingly turning to centralised solutions in order to transform their operations."

Markit's move comes in the wake of similar initiatives from Thomson Reuters, Swift and a host of other start-ups who are competing to recruit financial firms and launch their own KYC and compliance reporting data utilities.

Comments: (2)

A Finextra member
A Finextra member | 22 May, 2014, 10:59 Hurrah!! At last! This is really good news for all of us in the security and mobile payment space. We should encourage this and all similar moves. Just as with credit history, it is vital that Joe Q. Public is engineered to believe that he/she has a natural interest in establishing and maintaining ownership of a true and pertinent identity, even to the extent of paying for a KYC process. The business case is easy to articulate. Hopefully these first-out-of-the-box entries in this domain will go to the effort of adhering to, or even contributing to a set of universally agreed and policed standards. Open, of course. Let's go!
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Enrico Camerinelli
Enrico Camerinelli - Aite Group - Boston | 29 May, 2014, 06:56

So how many KYC registries are we going to have? Will each bank have its own preferred/ recommended registry? Does that mean that- as a corporation- I will have to register to as many registries my different banks have adhered to?

I suspect we will be soon reading about the "spaghetti mess" of the many KYC registries that will have sprouted in the course of time. The solution? Possibly a "registry of registries"... not a bright perspective in front of us.

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