FactSet has launched FactSet KYC, a cloud-based software as a solution application, to allow clients to streamline their know-your-customer (KYC) due diligence.
The new app combines KYC robotic process automation with FactSet content and public registries in an effort to improve the efficiency and consistency of the customer due diligence process.
Users will be able to automate repetitive activities; execute repeat policies and access necessary data from sanctions information as well as from beneficial owners.
The app also allows users to analyse and record customer and geographical risk factors at a faster rate.
Additional benefits include the ability to apply risk indicators; schedule automated customer reviews, and generate a complete, exportable audit trail.
Ali van Nes, senior director of regulatory solutions at FactSet, said: “The regulatory and business environments are becoming increasingly complex, yet compliance cost pressures remain high. Clients are therefore looking for KYC-specific tools that will help them streamline this activity.”
She added: “Reducing time to revenue is also key, and we are excited to offer a technological solution that improves an often slow and manual process.”
