Because of the amount of information the bank or service provider must collect to satisfy KYC, AML, credit, legal, and tax requirements, onboarding new clients is complex in financial services, and the process takes around 40 days. The new IHS Markit Onboarding Accelerator offers companies the opportunity to reduce onboarding time to one day. It is also suitable for any servicer relationship an investment fund or corporation might have with banks, custodians, fund administrators, trade repositories, technology platforms, and providers outside financial services.
The technology brings the historically manual, document-centric onboarding process into a customisable digital framework. This enables service providers to define which documents and data they require for any type of account or client. Also, by using dashboard tracking, both clients and service providers can see what information has been delivered, can apply exception management processes to facilitate operational efficiency, and can identify the root cause of any delay in the onboarding process.
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