The solution allows for mutualisation of documents and data, including their collection, verification and validation, and lifecycle management and storage in a digital form. It also provides KYC data and documents for institutions and their clients.
The new platform is intended to remove the need for institutions and their clients to provide multiple copies of documents, therefore reducing risks and inefficiencies.
It was developed using feedback from asset managers and asset servicing providers regarding what the market needs in terms of KYC infrastructure.
Olivier Portenseigne, managing director of Fundsquare, commented: “It was essential for our industry to develop a single KYC infrastructure that would efficiently support the distribution of funds. Working with i-Hub allows both companies to provide a coherent response.”
“This partnership is also essential in the roll-out of an integrated offering when combined with FundsDLT, our already operational market infrastructure based on the blockchain technology.”
Pascal Morosini, CEO of i-Hub, added “The commercial partnership with Fundsquare will allow i-Hub to accelerate the onboarding of clients from the fund industry market segment next to other market segments, positioning further the i-Hub KYC centralised repository model as the preferred industry solution.”