A recently concluded partnership between IHS Markit and encompass corporation will support the automated procurement of data across corporate registries, exchanges, regulator sites and other local authorities and associations. The partnership will enable the companies to respond to growing demand for faster and more cost-effective methods to reduce the burden of KYC requirements.
IHS Markit are a global information provider specialising in critical analysis and insight offering KYC services that concentrate on the automation of customer information collection and due diligence reviews. They estimate that the partnership with encompass corporation, robotic process automation specialists, will reduce the time required to collect KYC data by 30%. Additionally, it is expected the integration will result in enhanced quality, reduced on-boarding complexity and improved compliancy.
Marjorie Chee, global head of KYC Services at IHS Markit said of the partnership:
“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.”