HSBC and Morgan Stanley Scope Out Client Onboarding Product
HSBC and Morgan Stanley are working with Genpact and Markit to design a client onboarding product that provides banks with data for the 'know your customer' (KYC) rule.
HSBC and Morgan Stanley may be joined by about 10 other buy-side and sell-side firms who will work with Genpact, and Markit by providing subject matter experts and other informational resources to to create a product that will onboard clients more efficiently.
The product is being designed to handle the end-to-end process that banks go through annually in client onboarding, such as documenting any changes in investors, corporate action and renewals, according to Yasmeen Jaffer, director and co-head of Markit Counterparty Manager. Read full story on Wall Street & Technology
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