i-Hub, a subsidiary of the POST Luxembourg Group, specialised in KYC* managed service, and Fundsquare, a subsidiary of the Luxembourg Stock Exchange and a market infrastructure dedicated to facilitating cross-border distribution of investment funds, have signed a commercial partnership for the roll out of i-Hub’s highly secure international KYC platform.
The i-Hub KYC solution provides a highly secure, digital and international KYC repository. It allows the mutualisation of documents and data, including their collection, verification, validation, lifecycle management and storage in a digital form.
It also provides a multi-device connection to KYC data and documents for financial and non-financial institutions and their underlying clients. i-Hub’s KYC solution removes the need for institutions and their clients to provide multiple copies of documents thus significantly mitigating risks and inefficiencies. It also simplifies client documentation collection therefore
delivering significant operational efficiencies.
As part of its mission to mutualise activities and generate economies of scale for the fund industry, Fundsquare initiated an industry dialogue with some of Europe’s leading asset managers and asset servicing providers to define what the market needed in terms of KYC infrastructure. After having assessed the market expectations, Fundsquare joined forces
with i-Hub to deliver a KYC solution that would meet the financial industry’s needs.
“It was essential for our industry to develop a single KYC infrastructure that would efficiently support the distribution of funds. Working with i-Hub allows both companies to provide a coherent response. This partnership is also essential in the roll-out of an integrated offering when combined with FundsDLT, our already operational market infrastructure based on
the blockchain technology,” commented Olivier Portenseigne, Managing Director of Fundsquare.
Pascal Morosini, CEO of i-Hub added “Seeking for a digital, regulatory compliant, efficient and cost effective KYC service, we are currently enjoying a growing interest from the whole financial industry towards our unique KYC solution. The commercial partnership with Fundsquare, will allow i-Hub to accelerate the onboarding of clients from the Fund Industry market segment next to other market segments, positioning further the i-Hub KYC centralised repository model as the
preferred industry solution.”