Six G14 Dealers Implementing Markit | Genpact KYC Services
1,000 buyside firms and corporations also registered for the service
LONDON and NEW YORK, NY, March 9, 2015 – Markit | Genpact KYC Services, the joint venture between Markit Ltd. (Nasdaq: MRKT) and Genpact Limited (NYSE: G), today announced that six G14 dealers are among the global banking institutions implementing its centralized service that streamlines the collection and management of know your customer (KYC) information.
The dealers actively looking to implement the service are BNP Paribas, Citi, Deutsche Bank, HSBC, Morgan Stanley and UBS.
Markit | Genpact KYC Services allows bank clients including large asset managers operating thousands of funds and managed accounts, and corporations to upload KYC information to KYC.com and manage the document maintenance and review process. Through the platform, bank subscribers will also be able to access other services related to client onboarding including process transformation, analytics, client classification and tracking services.
Using the secure platform to centralize the collection, refresh, and remediation of standardized KYC data reduces risk and creates efficiency for the industry.
David Burnett, chief operating officer, global banking and markets at HSBC, said, “The quality of the client profiles we will receive from Markit | Genpact will meet our high standard for onboarding and help us satisfy regulatory requirements involving know your customer data. The service will enable us to be more efficient, go to market with clients faster and benefit from greater confidence in the information we use for compliance.”
Daniel Haid, head of client onboarding and account maintenance at UBS, said, “The Markit | Genpact offering creates a multitude of efficiencies in KYC due diligence processes. The convergence to and adoption of a standard approach by industry participants to KYC will help us fulfil our commitments to upholding the highest standards as they relate to anti-money laundering and KYC.”
Jon May, chief executive officer of Markit | Genpact KYC Services, said, “Support from these global banks allows us to drive a high common standard for KYC information throughout the industry. The quality of data and services provided by our KYC ecosystem is a key enabler for banks as they industrialize their operations in response to regulatory and cost pressures.”
1,000 buyside firms and corporations, representing more than 20,000 funds and entities, are registered with Markit | Genpact KYC Services.
The platform launched in May 2014 and covers the US, UK and Australia. Markit I Genpact KYC Services expects to expand to include eight other jurisdictions this year. Citi, Deutsche Bank, HSBC and Morgan Stanley worked with Markit and Genpact to design the framework for the service.
Markit is a leading global diversified provider of financial information services. We provide products that enhance transparency, reduce risk and improve operational efficiency. Our customers include banks, hedge funds, asset managers, central banks, regulators, auditors, fund administrators and insurance companies. Founded in 2003, we employ over 3,500 people in 10 countries. Markit shares are listed on Nasdaq under the symbol MRKT. For more information, please see www.markit.com.
About Markit | Genpact KYC Services
Markit and Genpact have proven track records in helping customers in the field of KYC data management. Together the firms offer a robust set of compliance, tax, data validation and reference data services that are relied upon by over 1,000 buyside firms, 6,000 corporations and 80 banks. For more information, please see www.kyc.com.
Genpact (NYSE: G) stands for “generating business impact.” We design, transform, and run intelligent business operations including those that are complex and specific to a set of chosen industries. The result is advanced operating models that make our clients more competitive as they help them grow and manage cost, risk, and compliance across a range of functions such as finance and procurement, financial services account servicing, claims management, regulatory affairs, and industrial asset optimization. Our Smart Enterprise Processes (SEPSM) proprietary framework helps companies reimagine how they operate by integrating effective Systems of EngagementSM, core IT, and Data-to-Action AnalyticsSM. Our hundreds of long-term clients include more than one-fourth of the Fortune Global 500. We have grown to over 67,000 people in 25 countries, with key management and a corporate office in New York City. Our global critical mass doesn’t dilute our flexible and collaborative approach, and our management team still drives client partnerships personally. We generate impact quickly because of our business domain expertise and experience running complex operations, driving our focus on what works and making transformation sustainable. Clients attribute much of our success to our unique history: behind our passion for process and operational excellence is the Lean and Six Sigma heritage of a former General Electric division that has served GE businesses for more than 16 years. Follow Genpact on Twitter, Facebook, LinkedIn, and YouTube.
For more information:
Alex Paidas (Markit)
+1 212 205-7101
Nicole Angerone-McLeod (Markit)
+1 646 679-3195
Gail Ferrari Marold (Genpact)
+1 919 345-3899
Dan Wilson (Ogilvy PR for Genpact)
+1 212 880-5346