Markit and kyc.com Launch Partnership With Fenergo for Common Clients

Markit (NASDAQ:MRKT), as well as its joint venture kyc.com, have launched a strategic partnership with software solutions provider Fenergo to help streamline data management solution for shared clientele, according to a Fenergo statement.

Fenergo is a comprehensive provider of Client Lifecycle Management (CLM) software solutions, catering to a number of investing institutions, including corporate and private banks. The subsequent partnership will onboard the existing capabilities of Markit and kyc.com’s Counterparty Manager solution.

The accord is important as it will coalesce Fenergo’s Regulatory Onboarding and CLM solutions with Markit Enterprise Data Management (EDM) in a consolidated stroke. With the aim of enriching client and counterparty data and sending it to downstream systems, both parties will also be utilizing their respective capabilities for clients that already rely on each sovereign component interdependently.

According to Jon May, Chief Executive Officer (CEO) of kyc.com and Managing Director at Markit in a recent statement on the partnership: "Working with Fenergo across kyc.com and Markit's solution sets extends the value that we are providing to our common customer base. By integrating data from Markit EDM across our other solution sets and leveraging Fenergo's workflow capabilities, we are providing validated information for organizations to be ready to transact."

"We are delighted to announce our working relationship with Markit and kyc.com to create a new way of enhancing the client lifecycle management process for financial institutions. Client Lifecycle Management is highly dependent on good quality, consistent and normalized client and counterparty data,” added Marc Murphy, CEO of Fenergo in an accompanying statement.

“Through this relationship, we are automating this process with the provision of quality data and Fenergo's workflow and regulatory rules engine technologies to deliver a highly optimized Client Lifecycle Management process that will help financial institutions significantly improve regulatory and onboarding efficiencies and reduce operational costs," he noted.

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