US-based financial information and analytical applications provider, FactSet has announced the release of its cloud-based SaaS application FactSet KYC in a bid to enable its clients in streamlining their KYC due diligence process.
“The regulatory and business environments are becoming increasingly complex, yet compliance cost pressures remain high,” said Ali van Nes, Senior Director of Regulatory Solutions at FactSet. “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.”
According to the supplier, the new application combines KYC RPA with FactSet content and public registries, thus improving the efficiency of the customer due diligence process. It aims to provide the users with the ability to automate repetitive activities, execute repeat policies consistently, access data involving corporate hierarchies, sanctions information etc and analyse customer and geographical risk factors in depth.
The users will also be able to apply risk indicators, schedule automated customer reviews and generate an audit trail.