A group including Goldman Sachs and Morgan Stanley have taken a stake in the Yellow Pages of finance
IHS Markit, the company behind KYP3, announced Tuesday that the four banks had joined together to do the deal. Goldman Sachs will contribute intellectual property and join the other three banks as a design partner.
Markit launched KYP3, which stands for Know Your Third Party, back in 2015, aiming to create a central repository for information required for client or vendor due diligence. The idea was to cut down on the amount of time it takes to cement a new commercial relationship, and reduce unnecessary, replicative requests for information.
Since then, the platform, which has 15,000 vendor profiles available on the platform, has landed 75 signed customers. Markit merged with IHS in 2016.
"The relationship with KY3P will help us maintain the necessary oversight required in a consistent and efficient manner," Al Williams, chief procurement officer at Barclays, said. "The further benefit of working with other financial institutions ensures an increasingly standardized approach for our suppliers."
More from Matt Turner:
- A group including Goldman Sachs and Morgan Stanley have taken a stake in the Yellow Pages of finance (INFO)
- Lloyd Blankfein tweeted for the first time to lament Trump pulling out of the Paris Agreement (GS, TWTR)
- A startup aiming to modernize the bond market has won backing from top Wall Street execs
- Wall Street regulators just got a powerful reminder of one of the first rules of finance
- Deutsche Bank is making a big bet on the future of finance
Learn more:
- Credit Card Industry and Market
- Mobile Payment Technologies
- Mobile Payments Industry
- Mobile Payment Market, Trends and Adoption
- Credit Card Processing Industry
- List of Credit Card Processing Companies
- List of Credit Card Processing Networks
- List of Payment Gateway Providers
- M-Commerce: Mobile Shopping Trends
- E-Commerce Payment Technologies and Trends