The decision came as increased scrutiny from regulators and the demand for a more frictionless client experience from investors drive the need for more digital KYC and onboarding processes. Moreover, the push into the Wealth and Advisory segments is set to expand on Refinitiv’s World-Check Risk Intelligence.

As such, the company will help wealth managers to facilitate their day-to-day risk management, onboarding, and monitoring decisions through the latest innovations in AI and cloud computing, combined with its data and KYC solutions, such as World-Check and Media Check. The goal is to meet investors’ expectations, who demand digitally-enabled personal relationship with instant access to accounts and information on the go, while expecting a frictionless onboarding experience and speed of updates.

This expansion into the market segments follows the Refinitiv’s recent string of partnerships, which have enabled it to expand its KYC and due diligence solutions into retail, wealth, and private banking segments. On 4 June, the company announced it is partnering with Trulioo for advanced digital identity verification and biometric technology, in an attempt to help financial services companies reduce fraud and financial crime by verifying billions of customers online.