Markit | Genpact KYC Services, the joint venture from Markit Ltd., a provider of financial information services, and Genpact Ltd, a specialist in designing and running business operations, has reported the appointment of former Goldman Sachs executive, Jon May, as CEO.
May, who will join Markit | Genpact KYC Services in January 2015 and be based in London, comes to the joint venture from Goldman Sachs, where he was a managing director and global head of client onboarding, as well as head of securities operations and operations data quality management in India, the companies report.
Markit and Genpact also note that their joint venture, which opened its KYC.com portal for buy-side firms and corporations in May 2014 and is free for buy-side subscribers, has now registered more than 600 firms, representing more than 16,000 funds and entities. The service went live for subscribing banks in August.
The venture “centralizes the management of KYC data through a common standard to help the financial services industry reduce operational risk, lower costs and speed time to market by making it easier to open and maintain trading accounts,” the companies say.
“For years, Markit and Genpact have helped thousands of firms to track customer information and comply with financial regulations worldwide,” incoming CEO May says in the companies’ statement. “KYC Services, which has access to solutions such as Markit’s Counterparty Manager, is uniquely positioned to support the centralization of data across multiple areas which will streamline compliance and help firms operate more efficiently.”
The focus of the joint venture is “on designing technology, processes and analytics to deliver the industry gold standard for KYC profiles,” Monty Singh, Genpact senior vice president and business leader, capital markets and IT services, says in the statement.
The two vendors together offer “compliance, tax, data validation and reference data services that are relied upon by approximately 900 buy-side firms, 6,000 corporations and 80 banks,” the companies specify.
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