Citi, Deutsche Bank, HSBC and Morgan Stanley have worked with Markit and Genpact to design a new KYC service.

The platform is intended to standardise and centralise the collection and management of KYC data for financial institutions in order to streamline client onboarding.

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.

The system will actively monitor and validate client information, reducing operational risk and lowering costs for banks through an optimised compliance process.

Michele Trogni, managing director and global head of managed services at Markit, said: “Invaluable insight and cooperation from our design partners helped us to leverage long-standing solutions from Markit and Genpact to create a new service that addresses an industry-wide challenge. Our KYC offering shows how we can use our expertise in innovative ways to help customers who are increasingly turning to centralised solutions in order to transform their operations.”

Markit І Genpact KYC Services will operate as a joint venture, initially launching with coverage for banks booking trades in the US and UK, before an expected expansion to multiple jurisdictions worldwide in the near future.

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