FactSet, a provider of software and data solutions to investment firms, has released a new cloud-based KYC solution.
The new application, FactSet KYC, combines know your customer robotic process automation with FactSet’s content and public registries to improve the efficiency and consistency of customer due diligence.
Its technology will be able to automate repetitive activities, apply risk indicators, execute repeat policies consistently, and access necessary data such as corporate hierarchies, beneficial owners and sanctions information.
Additionally, the platform will analyse and record customer and geographical risk factors with accelerated speed, reliability and depth, schedule automated customer reviews, and generate a complete audit trail.
FactSet senior director of regulatory solutions Ali van Nes said, “The regulatory and business environments are becoming increasingly complex, yet compliance cost pressures remain high.
“Clients are therefore looking for KYC-specific tools that will help them streamline this activity. Reducing time to revenue is also key, and we are excited to offer a technological solution that improves an often slow and manual process.”
Last year, the company partnered with Quantopian to launch a financial data analysis solution. The Quantopian Enterprise service gives quantitative financial analysts with power to research and test their investment strategies more clearly.
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