IHS Markit has launched Onboarding Accelerator, a new solution to help banks and other service providers open accounts with institutional clients more quickly.
The new programme enables firms to reduce onboarding time to as little as one day and is suitable custodians, fund administrators, trade repositories, technology platforms as well as providers outside financial services.
The technology allows service providers to define which documents and data they require for any type of account or client.
Clients and service providers are able 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 through dashboard tracking.
Onboarding Accelerator is built on Counterparty Manager, a service used to centralise the exchange of documents and data related to know-your-customer (KYC), account onboarding and maintenance.
Brittany Garland, director at IHS Markit, said: “Same-day onboarding is within reach for the industry. 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.”
She added: “Our goal is to lead the market toward digitising institutional identity and enabling system-to-system communication for onboarding and other KYC and regulatory processes.”
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