Six G14 Dealers Implementing Markit | Genpact KYC Services
1,000 buyside firms and corporations also registered for the service
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 implementing its 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 I 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.
Genpact (NYSE: G) stands for “generating business impact.” We design, transform, and run intelligent business operations including those that are complex and specific to a set of chosen industries. The result is advanced operating models that make our clients more competitive as they help them grow and manage cost, risk, and compliance across a range of functions such as finance and procurement, financial services account servicing, claims management, regulatory affairs, and industrial asset optimization. Our Smart Enterprise Processes (SEPSM) proprietary framework helps companies reimagine how they operate by integrating effective Systems of EngagementSM, core IT, and Data-to-Action AnalyticsSM. Our hundreds of long-term clients include more than one-fourth of the Fortune Global 500. We have grown to over 67,000 people in 25 countries, with key management and a corporate office in New York City. Our global critical mass doesn’t dilute our flexible and collaborative approach, and our management team still drives client partnerships personally. We generate impact quickly because of our business domain expertise and experience running complex operations, driving our focus on what works and making transformation sustainable. Clients attribute much of our success to our unique history: behind our passion for process and operational excellence is the Lean and Six Sigma heritage of a former General Electric division that has served GE businesses for more than 16 years. For additional information, visit www.genpact.com. Follow Genpact on Twitter, Facebook, LinkedIn, and YouTube.
Gail Ferrari Marold
Vice President, Brand Communications
Telephone: +1 919 345 3899
Director, Corporate Communications, Markit
Tel: +1 212 205 7101
Vice President, Corporate Communications, Markit
Tel: +1 646 679 3195