FactSet (NYSE:FDS | NASDAQ:FDS), a global provider of integrated financial information, analytical applications, and industry-leading services, today announced the release of FactSet KYC, a cloud-based SaaS application that allows clients to streamline their KYC due diligence.
The new RegTech app combines “know your customer” robotic process automation with FactSet content and public registries, improving the efficiency and consistency of the customer due diligence process. Users will be able to:
• Automate repetitive activities;
• Execute repeat policies consistently;
• Access necessary data, including corporate hierarchies, beneficial owners, and sanctions information; and
• Analyze and record customer and geographical risk factors with greater speed, reliability, and depth.
Additional benefits include the ability to apply risk indicators, schedule automated customer reviews, and generate a complete, exportable audit trail.
“The regulatory and business environments are becoming increasingly complex, yet compliance cost pressures remain high,” said Ali van Nes, Senior Director of Regulatory Solutions at FactSet. “Clients are therefore looking for KYC-specific tools that will help them streamline this activity. Reducing time to revenue is also key, and we are excited to offer a technological solution that improves an often slow and manual process.”