New Document Exchange Service from Markit

Banking Technology reports that a group of investment banks has backed a new document exchange service from Markit, the data, valuation and trade services specialist. The service is called Markit Document Exchange. It is backed by Bank of America, Citigroup, Deutsche Bank, JPMorgan, the combined RBS/ABN Amro, Eton Park Capital Management and Pimco.

Markit says that the service allows buy-side and sell-side institutions to comply with regulatory requirements and industry best practice relating to compliance, credit and regulatory documentation. By automating Know Your Client, Anti-Money Laundering and Compliance Certification processes, it will reduce the risks associated with these documentation requirements and bring operational efficiency and cost savings to the process.

Click here for the Markit press release.