Markit | Genpact KYC Services, the joint venture between Markit Ltd. (Nasdaq: MRKT) and Genpact Limited (NYSE: G) today announced that six G14 dealers are among the global banking institutions implementingits centralised service that streamlines the collection and management of know your customer (KYC) information.
The dealers actively looking to implement the service are BNP Paribas, Citi, Deutsche Bank, HSBC, Morgan Stanley and UBS.
Markit | Genpact KYC Services allows bank clients including large asset managers operating thousands of funds and managed accounts, and corporations to upload KYC information to KYC.com and manage the document maintenance and review process. Through the platform, bank subscribers will also be able to access other services related to client onboarding including process transformation, analytics, client classification and tracking services.
Using the secure platform to centralise the collection, refresh and remediation of standardised KYC data reduces risk and creates efficiency for the industry.
David Burnett, chief operating officer, global banking and markets at HSBC, said: “The quality of the client profiles we will receive from Markit | Genpact will meet our high standard for onboarding and help us satisfy regulatory requirements involving know your customer data. The service will enable us to be more efficient, go to market with clients faster and benefit from greater confidence in the information we use for compliance.”
Daniel Haid, head of client onboarding and account maintenance at UBS, said: “The Markit | Genpact offering creates a multitude of efficiencies in KYC due diligence processes. The convergence to and adoption of a standard approach by industry participants to KYC will help us fulfil our commitments to upholding the highest standards as relates to anti-money laundering and KYC.”
Jon May, chief executive officer of Markit | Genpact KYC Services, said:
“Support from these global banks allows us to drive a high common standard for KYC information throughout the industry. The quality of data and services provided by our KYC ecosystem is a key enabler for banks as they industrialise their operations in response to regulatory and cost pressures.”
1,000 buyside firms and corporations, representing more than 20,000 funds and entities, are registered with Markit | Genpact KYC Services.
The platform launched in May 2014 and covers the US, UK and Australia. Markit | Genpact KYC Services expects to expand to include eight other jurisdictions this year. Citi, Deutsche Bank, HSBC and Morgan Stanley worked with Markit and Genpact to design the framework for the service.