Markit has launched a new service called Know Your Third Party, or KY3P. The aim is to create a central repository for information required for client or vendor due diligence, cut down on the amount of time it takes to cement a new commercial relationship, and reduce duplicative requests for information.
Financial firms are trying to cut costs and staff and focus their resources on the areas where they have a competitive advantage. Markit, a UK financial-information company, which was launched in a converted barn in 2003 and is listed in the US, is making a business out of taking on some of the tasks they no longer want to perform. The company's staff dub themselves as being "plumbers in suits," according to a 2013 Economist article, and the company has carved out a critical role in fulfilling back-office tasks for financial firms.