IHS Markit and encompass partner on KYC 12 March 2019London Reporter: Jenna Lomax
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encompass Corporation and IHS Markit have partnered for know your customer (KYC) to reduce manual processes and drive efficiency.
Using encompass, IHS Markit will be able to fully automated the collection of critical KYC data from the public domain, including global corporate registries, regulatory listings and exchanges.
By partnering with encompass, IHS Markit estimates a 30 percent reduction in the time taken to gather KYC data as well as enhanced quality and consistency, the reduction of complexity in customer onboarding and improved compliance standards.
Wayne Johnson, CEO and co-founder of encompass corporation, said: “IHS Markit KYC services are trusted by leading financial institutions globally and we are pleased to be supporting their ongoing innovation and commitment to their outstanding customer offering.”
Marjorie Chee, global head of KYC Services at IHS Markit, commented: “Our partnership with encompass will help us increase efficiency, the speed of production, and further improve our high-quality due diligence for our KYC services.”
She added: “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 checks rather than purely data collection.”
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