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

A-Team Insight Blogs

Encompass Corporation and IHS Markit Partner to Chop KYC Time by a Third

Subscribe to our newsletter

IHS Markit has integrated a new KYC automation solution from London-based encompass corporation into its KYC Services offering, in a bid to reduce manual processes and drive efficiency. Using encompass, IHS Markit has fully automated the collection of critical KYC data from the public domain, including global corporate registries, regulatory listings and exchanges.

As the regulatory burden increases and the KYC space becomes more competitive, the quality and speed of KYC turnaround are an increasingly important differentiating factor. IHS Markit estimates a 30% reduction in the time taken to gather KYC data using encompass – a substantial improvement.

Other benefits are expected to include enhanced consistency, a reduction in complexity due to the use of intelligent process automation, and improved compliance standards through improved transparency.

“Our partnership with encompass will help us increase efficiency, speed of production, and further improve our high quality due diligence for our KYC services,” says Marjorie Chee, global head of KYC Services, IHS Markit. “Through technology, we are automating traditionally manual processes, improving data quality for our growing customer base as well as scaling up to support new jurisdictions – allowing us to put a greater focus on screening for negative news and politically exposed person (PEP) checks rather than purely data collection.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Solvency II – Now the pain begins. How to fix your Solvency II workarounds

Many insurance companies and asset managers scrambled to meet the January 2016 implementation deadline for Solvency II. But now the pain begins as firms look toward longer-term solutions to managing data for reporting and compliance to take place of the short term workarounds. We discuss how January went and what the outlook is for the...

BLOG

Financial Crime is a Decision-Speed Problem: Rethinking AI in AML and Compliance Controls

Financial crime compliance is often described as a resourcing challenge. Firms speak of analyst backlogs, alert volumes and the rising cost of surveillance and screening. Kieran Holland, Solutions Engineering Team Leader at Innovative Systems’ FinScan, argues that the underlying constraint has shifted. Financial crime has become a decision-speed problem. “The fight against financial crime is...

EVENT

Data Management Summit New York City

Now in its 15th year the Data Management Summit NYC brings together the North American data management community to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

Putting the LEI into Practice

Hundreds of thousands of pre-Legal Entity Identifiers (LEIs) have been issued by pre-Local Operating Units (LOUs) in the Global LEI System (GLEIS), and the standard entity identifier has been mandated for use by regulators in both the US and Europe. As more pre-LEIs are issued ahead of the establishment of the global systems’ Central Operating...