Cambridge Blockchain Teams With IHS Markit For Customer Care

Announcements, Blockchain | February 1, 2018 By:

Financial services firm IHS Markit has teamed with Cambridge Blockchain to improve the know-your-customer (KYC) process.

London-based IHS Markit provides information and analysis to support the decision-making process of businesses and governments in industries such as aerospace, defense and security, automotive, chemical, energy, maritime and trade, and technology. The company launched its KYC service in 2014. The KYC service serves 17 global banks and over 140,000 registered legal entities. The service provides standardized operations for client onboarding and due diligence, with a rigorous industry policy standard for KYC data quality and completeness.

Cambridge Blockchain provides digital identity enterprise software for financial institutions. It aims to resolve conflicting imperatives demanding global financial institutions to comply with both KYC laws and strict data privacy regulations.

Under the partnership, IHS Markit will integrate its KYC services with Cambridge Blockchain’s distributed digital identity system. 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.

“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.”

“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,” said Cambridge Blockchain CEO Matthew Commons. “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.”