IHS Markit has integrated an automated solution from London-based encompass into its KYC services in a bid to reduce manual processes and drive efficiency. Encompass automates the collection of KYC data from the public domain, including global corporate registries, regulatory listings and exchanges, and is expected to reduce time for data gathering by 30%.
Other benefits of the partnership 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.
Marjorie Chee, global head of KYC Services at IHS Markit, says: “Our partnership with encompass will help us increase efficiency, speed of production, and further improve our high quality due diligence for our KYC services. Through technology, we are automating traditionally manual processes, improving data quality for our growing customer base and scaling up to support new jurisdictions.”