Kyc.com Signs Bank of Montreal as Client08.02.2016
BUSINESS WIRE – LONDON – Kyc.com, the joint venture between IHS Markit (Nasdaq: INFO) and Genpact (NYSE: G), today announced that Bank of Montreal has signed onto the service to streamline the collection and management of know your customer information (KYC).
Kyc.com standardises and centralises operations around client onboarding and due diligence. Firms benefit from an industry led policy standard for KYC data quality and completeness as well as lowered costs and simplified processes.
Kyc.com counts ten of the top G14 dealers as subscribers of the service. Over 2,000 buyside firms and corporations, representing 83,000 legal entities are now using kyc.com to simplify the provision of know your customer (KYC) and other documentation to their banks.
“Adding Bank of Montreal to our service, as well as recently announcing one of the largest buyside firms, PIMCO, is a testament to the strength of our offering,” said Michele Trogni, executive vice president, Consolidated Markets and Solutions for IHS Markit. “Since we launched in 2014, there have been a number of new entrants vying for market share. We are delighted to add Bank of Montreal and we attribute this win to the agility of our service that addresses multiple challenges across KYC, AML, tax, regulation and legal and credit agreements.”
“The growth and adoption of the kyc.com service over the past two years has been very encouraging and highlights the combined power of a solution that encompasses technology, analytics, and deep domain expertise that our joint venture provides in solving multiple regulatory challenges,” said Monty Singh, senior vice president and business leader, Capital Markets and IT Services, Genpact. “The addition of Bank of Montreal further validates the utility model for KYC and is a nod from the industry towards a disruptive yet economically efficient operating model.”
Kyc.com was originally founded in 2014 and designed in partnership with Citi, Deutsche Bank, HSBC and Morgan Stanley. Additional G14 institutions on the service include BNP Paribas and UBS with Standard Chartered in the process of signing up.
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