Encompass strengthens KYC services 16 January 2024UK Reporter: Lucy Carter
Image: wladimir1804/stock.adobe.com
Real-time digital know your customer (KYC) profile provider Encompass Corporation has acquired ING’s CoorpID and Blacksmith KYC.
Encompass will acquire 100 per cent of both companies, with ING serving as a stakeholder and development partner.
CoorpID allows banks to automate their outreach and private KYC data gathering operations directly from corporate banking customers, providing a repository for the management of all banking relationships.
KYC company documents can be stored, structured and shared with bank and business partners through the platform.
Blacksmith KYC allows banks to configure customer due diligence requirements within a digital policy manager, gathering all relevant data and evidence and streamlining the collection process.
Through the acquisitions, Encompass will be able to build a complete KYC profile combining authoritative public information and private information sourced directly from customers. This will provide financial institution clients with a full corporate digital identity (CDI), serving as a unified source of truth and offering enhanced risk visibility.
Clients will be able to transform manual KYC policies into automated processes, benefiting from greater risk insights and enhanced financial economic crime risk exposure monitoring.
Wayne Johnson, co-founder and CEO of Encompass, says: “The combination of the technology and market expertise brought by these two businesses is the perfect match for Encompass.
“CDI is the future of our industry, solving critical problems for the banks we serve, and these acquisitions represent a step forward in bringing our vision, which will transform KYC, to life.”
Ivar Lammers, global head of financial crime wholesale banking at ING, comments: “Together [the companies] will continue to provide a first-class customer experience, with smart, tailored offerings that address the needs and challenges of our clients and industry, now and in the future.”
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: wladimir1804/stock.adobe.com 