Encompass Corporation acquires ING's KYC platforms

Tuesday 16 January 2024 13:53 CET | News

Real-time KYC profiles provider Encompass Corporation has announced the acquisition of CoorpID and Blacksmith KYC from ING to develop a new platform. 

Through this move, Encompass Corporation intends to create a platform that can solve issues of identification and verification of corporate and institutional clients.

Real-time KYC profiles provider Encompass Corporation has announced the acquisition of CoorpID and Blacksmith KYC from ING to develop a new platform.

CoorpID and Blacksmith KYC’s capabilities

ING Labs founded CoorpID as a response to complex Know Your Customer (KYC) issues the company and the wider market faced, and it enables global banks to automate outreach and gather private KYC data directly from corporate banking customers. Through this, the solution offers a repository that allows corporates to manage all their banking relationships, while for multinationals, CoorpID enables the storage and structure of KYC documents and sharing with banks and business partners. Currently, CoorpID serves over 500 multinationals across Europe, supporting them in collating, managing, and sharing relevant corporate data. By acquiring CoorpID, Encompass can develop a complete KYC profile by merging authoritative public information with private data directly from customers, thus presenting financial institutions with a full Corporate Digital Identity (CDI) and providing increased visibility into risk. Additionally, it supports Encompass’ commitment to solving the significant issues of customer outreach for financial institutions.

Furthermore, the acquisition of CoorpID is complemented by the joining of Blacksmith KYC into Encompass’. Launched in 2017 as part of ING Labs Singapore, Blacksmith KYC intended to improve KYC processes for the financial sector by allowing banks to customise their Customer Due Diligence (CDD) requirements within a Digital Policy Manager. The connection of Blacksmith KYC’s capability focuses on enhancing Encompass’ offering, enabling banks to simplify their manual KYC policies into automated processes that provide analysts with risk insights from customer profiles.

The acquisition’s objectives 

As per the information detailed in the press release, Encompass is set to acquire 100% of CoorpID and Blacksmith KYC, with plans to develop a platform that improves the KYC process across the industry. ING’s position will be as a stakeholder and development partner to Encompass, with the company seeing the latter as a strategic collaborator. By acquiring the two platforms, Encompass aims to accelerate its objective of expanding its capabilities and achieving a part of its mission since its inception in 2011. CDI complements Client Lifecycle Management (CLM) technology to improve the overall customer experience and journey.

According to Encompass’ officials, CDI supports the industry by solving issues for banks and the acquisition of CoorpID and Blacksmith KYC assists the company in advancing its mission. Representatives from ING stated that Encompass, CoorpID, and Blacksmith KYC have been established as customer-centric and intend to continue to provide an enhanced user experience with tailored offerings that address the needs of clients and the overall industry.

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Keywords: acquisition, KYC, fraud management, online security, financial institutions
Categories: Fraud & Financial Crime
Companies: Encompass, ING
Countries: World
This article is part of category

Fraud & Financial Crime




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