Leading information provider IHS Markit has entered into a strategic alliance with Cambridge Blockchain to improve the know-your-customer (KYC) process.
Under the alliance, the companies intend to offer integrated reference data, operations, and software to support utilities for the collection and management of KYC information. It will involve combining IHS Markit’s kyc.com services with Cambridge Blockchain’s distributed digital identity system.
IHS Markit launched kyc.com in 2014, which provides standardized operations for client onboarding and due diligence, with a rigorous industry policy standard for KYC data quality and completeness. According to the official release, Cambridge Blockchain’s software complements IHS Markit’s solutions by offering secure, client-controlled peer-to-peer data sharing and a platform to connect multiple identity validators.
“The creation of utilities and other consortia to help financial institutions address the challenges of KYC has great potential improve standards and practices,” said Guy Harrison, managing director and head of KYC Services at IHS Markit. “However, for firms to operate efficiently on a global scale, identity data need to be highly portable. With this in mind, we are pleased to work with Cambridge Blockchain to apply the benefits of distributed ledger technology to a robust KYC data collection, validation and management process.”
The companies’ combined offerings are designed to enable full compliance with stringent data privacy rules. It will help resolve the challenges of transparency and privacy, resulting in faster customer onboarding, lower costs, and enhanced compliance through a single, trusted and consistent view of customer reference data.
“IHS Markit’s existing strengths in bilateral and centralized KYC data sharing make the company an ideal partner to offer new distributed digital identity systems,” remarked Matthew Commons, CEO of Cambridge Blockchain. “We look forward to continuing our collaborating with IHS Markit to give financial institutions confidence that their KYC, AML, tax, legal, MiFID, EMIR and other regulatory information is complete, accurate and up-to-date.”
