encompass has partnered with Wisers Information Limited, a provider of Chinese media and business intelligence to bolster Asian content for know your customer requirements.
According to encompass, the integration of Wisers into the encompass platform ensures regulated firms now have access to critical, regional know-your-customer (KYC) data.
New procedures put in place by many regulated firms include the requirement for more in depth KYC information prior to onboarding new customers, and for this information to be updated more frequently. As a result, the cost and time spent on KYC is increasing at an unsustainable rate, say encompass.
In March 2018, encompass launched operations in Hong Kong to better meet increasing demand for their KYC automation solution.
Paul Charmatz, managing director at encompass, said: “By robotically automating information and news discovery for KYC, encompass dramatically improves the productivity of compliance teams, which is top of mind for Asian financial institutions.”
He added: “Wisers is a critical source of information for this market and we’re excited about the powerful combination of our technology and Wisers data, especially for the Greater China region and the benefits this will bring to our customers”.
Denise Che, CEO at Wisers, commented: “Compliance teams are under tremendous pressure to improve productivity, and feeding Wisers data directly into the tools and applications our customers are using to perform KYC allows us to support this need.”
