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: Data Standards – progress and case studies

Global data standards and identifiers are essential to business growth, market stability and cost reduction – but they can be challenging to implement, while a lack of consistency across jurisdictions has presented obstacles to global take-up. However, with regulators starting to sit up and take note, the issue of data standards is coming increasingly to...

BLOG

smartKYC QnA: Accelerating Due Diligence at Scale

Hugo Chamberlain is the chief commercial officer of UK-based smartKYC, which has been automating the KYC process since 2014. Data Management Insight spoke to Hugo to find out how the company is helping financial institutions streamline their onboarding processes. Data Management Insight: Hello Hugo. When was smartKYC created and how does it serve financial institutions?...

EVENT

Eagle Alpha Alternative Data Conference, Spring, New York, hosted by A-Team Group

Now in its 9th year, the Eagle Alpha Alternative Data Conference managed by A-Team Group, is the premier content forum and networking event for investment firms and hedge funds.

GUIDE

Entity Data Management Handbook – Third Edition

Welcome to the third edition of the Entity Data Management Handbook which is available for free download. In this updated edition we delve into the role entity data plays in the smooth running of financial institutions and capital markets, the challenges of attaining high quality data, and various aspects, approaches and technologies involved in managing...