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

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: Sanctions – The new pre-trade challenge for the buy-side

Sanctions screening at the security level is a relatively recent requirement for the buy-side. It dives deeper than traditional KYC and AML screening and is immensely challenging as firms must monitor frequently changing sanctions lists, source up-to-date sanctions data and beneficial ownership data, and integrate these to screen growing lists of potentially sanctioned securities. As...

BLOG

What an Actimize Sale Might Mean for Surveillance and FinCrime Technology

When news emerged that NICE is preparing to sell its Actimize division – long regarded as one of the most established full-stack platforms for financial crime, fraud, and surveillance – the immediate headlines focused on valuation. With reports suggesting a price in the range of US$1.5–2 billion, the deal would be one of the RegTech...

EVENT

TradingTech Summit London

Now in its 15th year the TradingTech Summit London brings together the European trading technology capital markets industry and examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

The Global LEI System – Slow but Sure

After what looked like a slow start to the summer, the initiative to establish a global standard for legal entity identifiers (LEIs) took a series of significant leaps forward during August, that appears to have put the project firmly back on track. If the marketplace felt a little reticent in June and July, it could...