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: New solutions to the old problems of compliance with communications surveillance regulation

Communications surveillance is an integral element of trading at financial institutions, and its functions are clearly set out in jurisdictional regulations – to capture, record and retain all communications. Essentially, all business related communications must be recorded whatever the underlying mechanism – be it a work phone, personal mobile phone, text, video and so on...

BLOG

Solidatus and Corlytics Map Regulatory Content to Company Processes, Policies, Systems and Controls

Solidatus, provider of a data management solution that allows organisations to connect and visualise data relationships, and Corlytics, a supplier of regulatory risk intelligence that combines innovative technology with legal and industry expertise, have partnered to offer customers of both companies the ability to map regulations from across the globe to their data estates and...

EVENT

Data Management Summit London

Now in its 13th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

Hosted/Managed Services

The on-site data management model is broken. Resources have been squeezed to breaking point. The industry needs a new operating model if it is truly to do more with less. Can hosted/managed services provide the answer? Can the marketplace really create and maintain a utility-based approach to reference data management? And if so, how can...