About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

IHS Markit Releases Accelerator with End Goal of Same-day Client Onboarding

Subscribe to our newsletter

IHS Markit has released Onboarding Accelerator, a solution to help banks and other service providers open accounts with institutional clients more quickly and ultimately in one day.

The company says that, on average, the onboarding process including collection of all required information to satisfy Know Your Customer (KYC), Anti-Money Laundering (AML), credit, legal and tax requirements, takes 40 days. Onboarding Accelerator allows firms to reduce this time to as little as one day and is suitable for any servicer relationship an investment fund or corporation might have with banks, custodians, fund administrators, trade repositories, technology platforms, as well as providers outside financial services.

The accelerator is built on Counterparty Manager, an IHS Markit service used by 12,000 buyside customers and over 150 dealers, brokers and other financial services providers to centralise the exchange of documents and data related to KYC, account onboarding and maintenance.

The technology provides a customisable digital framework that allows service providers to define which documents and data they require for any type of account or client. Dashboard tracking makes it easy for both clients and service providers to see what information has been delivered, apply exception management processes to improve operational efficiency and identify the root cause of any delay in onboarding, while analytics show account status to both clients and service providers, bringing transparency to the information black hole that plagues onboarding.

Brittany Garland, director at IHS Markit, comments: “Same-day onboarding is within reach for the industry. Our goal is to lead the market toward digitising institutional identity and enabling system-to-system communication for onboarding and other KYC and regulatory processes.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Embracing cloud in your firm’s regulatory response

Regulatory compliance is a key function for financial institutions. It is also a huge burden in terms of time, data management, systems resources, manual intervention, and reporting. As financial firms progress digital transformation programmes, is it time to move regulatory reporting to the cloud with a view to improved efficiency, reduced costs and better business...

BLOG

The Current State of Play in Transaction Reporting: Herding Cats in a Hurricane

Regulated firms trading in markets globally are bracing themselves for what’s been termed a ‘sea change’ in regulators’ approach to transaction reporting. Having introduced the requirement to provide detailed transaction reports to market through prescribed reporting vehicles over the past few years, some key regulators – including ESMA, CFTC and MAS – are reviewing their...

EVENT

Data Management Summit New York City

Now in its 12th year, the Data Management Summit (DMS) in New York brings together the North American, capital markets enterprise data management community, to explore the evolution of data strategy and how to leverage data to drive compliance and business insight.

GUIDE

Regulatory Data Handbook 2022/2023 – Tenth Edition

Welcome to the tenth edition of A-Team Group’s Regulatory Data Handbook, a publication that has tracked new regulations, amendments, implementation and data management requirements as regulatory change has impacted global capital markets participants over the past 10 years. This edition of the handbook includes new regulations and highlights some of the major regulatory interventions challenging...