IHS Markit (Nasdaq: INFO), a world leader in critical information, and
analytics, today announced the launch of Onboarding Accelerator, a new
solution to help banks and other service providers open accounts with
institutional clients more quickly.
Onboarding new clients is complex in financial services because of the
amount of information the bank or service provider must collect to
satisfy know your customer, anti-money laundering, credit, legal and tax
requirements. On average, the process takes 40 days.
The new IHS Markit Onboarding Accelerator enables firms to reduce
onboarding time to as little as one day and is suitable for any servicer
relationship an investment fund or corporation might have with banks,
custodians, fund administrators, trade repositories, technology
platforms as well as providers outside financial services.
The technology brings the historically manual, document-centric
onboarding process into a highly customizable digital framework which
allows service providers to define which documents and data they require
for any type of account or client. Dashboard tracking makes it easy for
both clients and service providers to see what information has been
delivered, apply exception management processes to improve operational
efficiency and quickly identify the root cause of any delay in the
onboarding process.
“Same-day onboarding is within reach for the industry,” said Brittany
Garland, director at IHS Markit. “Onboarding Accelerator helps firms
create a positive experience for clients from the very beginning by
enabling an orderly process for setting up new accounts. In addition,
the analytics we offer show account status to both clients and service
providers, bringing much needed transparency to the information black
hole that plagues onboarding.”
Onboarding Accelerator is built on Counterparty Manager, a service used
by 12,000 buyside customers and over 150 dealers, brokers and other
financial services providers to centralize the exchange of documents and
data related to KYC, account onboarding and maintenance. Launched in
2008, Counterparty Manager has evolved to cover the full range of
trading account information through the launch of modules for tax
reporting, AUM/NAV reporting, ISDA Amend and other legal and regulatory
services.
“Onboarding Accelerator ties together all the capabilities of
Counterparty Manager and demonstrates our long-term commitment to
helping firms become more efficient in opening and maintaining
institutional accounts,” said Garland. “Our goal is to lead the market
toward digitizing institutional identity and enabling system-to-system
communication for onboarding and other KYC and regulatory processes.”
About IHS Markit (www.ihsmarkit.com)
IHS Markit (Nasdaq: INFO) is a world leader in critical information,
analytics and solutions for the major industries and markets that drive
economies worldwide. The company delivers next-generation information,
analytics and solutions to customers in business, finance and
government, improving their operational efficiency and providing deep
insights that lead to well-informed, confident decisions. IHS Markit has
more than 50,000 business and government customers, including 80 percent
of the Fortune Global 500 and the world’s leading financial
institutions. Headquartered in London, IHS Markit is committed to
sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. and/or its
affiliates. All other company and product names may be trademarks of
their respective owners © 2019 IHS Markit Ltd. All rights reserved.
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