There is now a 6th KYC service, this one is from Genpact Limited, a global leader in transforming and running business processes, operations and technology, and Markit, a leading global diversified provider of financial information services. The Markit | Genpact KYC Services has been designed in partnership with Citi, Deutsche Bank, HSBC and Morgan Stanley. It standardises and centralises the collection and management of KYC data for financial institutions to speed up client on-boarding.
End-to-end solution for KYC data management
The service will collect, enrich and centrally administer legal entity data and documents that banks require from their clients in order to conduct business and comply with KYC and anti-money laundering regulations, including Dodd-Frank, Emir, Fatca and Mifid.
Markit | Genpact KYC Services reduces the burden of duplicate data requests and provides increased transparency and efficiency in the on-boarding process.
An online portal, KYC.com, is now open for institutions, including asset managers, corporations and hedge funds, to register for the service. There is no fee to use the portal to submit and share KYC information with banks participating in the service.
Creation of a common global data standard
Citi, Deutsche Bank, HSBC and Morgan Stanley participated in the design phase of the service, announced in September 2013, and were instrumental in creating the common standard and global framework for KYC data and document management provided by the service. Markit | Genpact KYC Services is advised by third party experts on global regulatory standards, cost benchmarking and information security.
The service launches with coverage for banks booking trades in the US and UK and is expected to expand to multiple jurisdictions worldwide in the near future.
CTMfile take: There are at the moment six KYC exchanges, but they cannot all survive. Also Citi, who are now members of two multi-bank KYC schemes - KYC Exchange and SWIFT’s KYC initiative, seem to be betting on the ones they think will survive. Corporates: which one will you use, if any? which one will you trust?