Kyc.com signs Bank of Montreal
Kyc.com, the joint venture between IHS Markit (Nasdaq: INFO) and Genpact (NYSE: G), today announced that Bank of Montreal has signed onto the service to streamline the collection and management of know your customer information (KYC).
Kyc.com standardises and centralises operations around client onboarding and due diligence. Firms benefit from an industry led policy standard for KYC data quality and completeness as well as lowered costs and simplified processes.
Kyc.com counts ten of the top G14 dealers as subscribers of the service. Over 2,000 buyside firms and corporations, representing 83,000 legal entities are now using kyc.com to simplify the provision of know your customer (KYC) and other documentation to their banks.
“Adding Bank of Montreal to our service, as well as recently announcing one of the largest buyside firms, PIMCO, is a testament to the strength of our offering,” said Michele Trogni, executive vice president, Consolidated Markets and Solutions for IHS Markit. “Since we launched in 2014, there have been a number of new entrants vying for market share. We are delighted to add Bank of Montreal and we attribute this win to the agility of our service that addresses multiple challenges across KYC, AML, tax, regulation and legal and credit agreements.”
“The growth and adoption of the kyc.com service over the past two years has been very encouraging and highlights the combined power of a solution that encompasses technology, analytics, and deep domain expertise that our joint venture provides in solving multiple regulatory challenges,” said Monty Singh, senior vice president and business leader, Capital Markets and IT Services, Genpact. “The addition of Bank of Montreal further validates the utility model for KYC and is a nod from the industry towards a disruptive yet economically efficient operating model.”
Kyc.com was originally founded in 2014 and designed in partnership with Citi, Deutsche Bank, HSBC and Morgan Stanley. Additional G14 institutions on the service include BNP Paribas and UBS with Standard Chartered in the process of signing up.
IHS Markit and Genpact have proven track records in helping customers in the field of KYC data management. Together the firms offer a robust set of compliance, tax, data validation and reference data services that are relied upon by over 2,100 buyside firms and corporations and 12 banks. For more information, please see www.kyc.com.
About IHS Markit (www.ihsmarkit.com)
IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 key business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. All other company and product names may be trademarks of their respective owners © 2016 IHS Markit Ltd. All rights reserved.
Genpact (NYSE: G) stands for “generating business impact.” We are a global leader in digitally-powered business process management and services. We architect the Lean DigitalSM enterprise through our patented Smart Enterprise Processes (SEPSM) framework that reimagines our clients’ operating models end-to-end, including the middle and back offices. This creates Intelligent OperationsSM that we help design, transform, and run. The impact on our clients is a high return on transformation investments through growth, efficiency, and business agility. For two decades, first as a General Electric division and later as an independent company, we have been passionately serving our clients. Today, we generate impact for a few hundred strategic clients, including approximately one-fifth of the Fortune Global 500, and have grown to over 70,000 people in 25 countries, with key offices in New York City. The resulting business process and industry domain expertise and experience running complex operations are a unique heritage and focus that help us drive the best choices across technology, analytics, and organizational design. For additional information, visit www.genpact.com. Follow Genpact on Twitter, Facebook, LinkedIn, and YouTube.