IHS Markit, a company that provides a variety of businesses with cutting-edge information, analytics, and solutions, rolled out its Onboard Accelerator. The tool assists banks and services providers in opening accounts with institutional clients in an expedited manner.
Onboarding clients in financial services can cost institutions over a month due to KYC, credit, legal, AML and other requirements, all of which necessitate potential clients handing over large amounts of information, the company notes.
IHS Markit claims that its Onboarding Accelerator can reduce onboarding times to one day.
The technical aspect of the platform allows for the enhanced onboarding times. Users can create their own customisable digital frameworks for onboarding, choosing which documents and data are needed.
Read more about the solution here.