A-Team Insight Blogs

IHS Markit Releases Accelerator with End Goal of Same-day Client Onboarding

Share article

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.”

Leave a comment

Your email address will not be published. Required fields are marked *

*

Related content

WEBINAR

Upcoming Webinar: Client Experience and Onboarding For Transfer Agents: How to ensure you deliver a seamless client experience and differentiate your services

Date: 26 September 2019 Time: 10:00am ET / 3:00pm London / 4:00pm CET. Clients expect you to seamlessly deliver a range of transfer services. They expect you to delight their investors and ensure you have a robust onboarding and compliance process in place. They also want you to help them ensure they comply with shareholding...

BLOG

Beam Solutions Issues Warning on Insufficient AML Procedures Across EU Member States

Beam Solutions, a San Francisco-based transaction monitoring platform founded in 2016 by former Facebook and Paypal executives, has warned of widespread Russian money laundering within the EU banking system. In a note published March 18, the software company noted that multiple major European banks were facing allegations of failing to prevent money laundering taking place...

GUIDE

RegTech Suppliers Guide 2019

Welcome to our brand new RegTech Suppliers Guide. This unique guide provides detailed data profiles on close to 100 suppliers in the RegTech world, offering you an unrivalled selection of solutions for your most pressing financial regulatory challenges. The aim of the A-Team’s RegTech Suppliers Guide is to steer you through this complex marketplace, offering...