The maturity model was built by the pKYC Advisory Board to enable banks to improve the speed, efficiency, and accuracy of identifying financial crime and online threads while reducing their risks and protecting their customers. It comprised representatives from multiple banks around the world and a group of trusted data, consulting partners, and technology infrastructure, aiming to place financial institutions into a pKYC framework to evaluate their maturity and development in order to identify and prevent financial crime efficiently and fastly.
pKYC currently uses automation technology to detect risk faster and more accurately, while increasing operational efficiency by removing the need for increased headcount or time commitment.
The framework was also designed to evaluate the banks and financial institutions in five core areas: process, policy, people, data, and technology. All of these are further broken down into multiple subcategories and attributed a necessity against the four stages of KYC: Manual KYC, Early Automation, Mature Automation, or pKYC, in order to benchmark readiness for pKYC.
The aim of this launch is to offer banks the possibility to consider their preparation for pKYC, as well as the capabilities to facilitate stakeholder discussions, evaluate the progress of development journeys, offering advice and technology solutions to fast-track the procedure.
As the fines and enforcement actions are currently increasing, Encompass prioritises the need for financial institutions to be aware of their place regarding compliance, as well as the methods and procedures they need to take in order to improve their security services. The adoption of automation technology is critical as the majority of manual processes allow financial fraud activities to remain undiscovered for a long time.
Encompass represents a company that provides firms with the needed solutions to deliver revenue faster and demonstrate consistent compliance with dynamic KYC process automation while driving operational efficiency faster and in a safer manner. The platform was built to offer clients the possibility to create and maintain real-time digital risk profiles of their client base and partners.
Included in the suite of services provided by Encompass are intelligent process automation, UBO verification, PEP, sanctions, and adverse media screening, API, dynamic audit trail, global primary and premium data, and data attribute lineage.
The company secured its USD 33 million investment in 2022. The fund was focused on expanding its services globally and automating KYC processes for banks and financial institutions.
It also facilitated its ongoing product improvement and development, undertaken from three main engineering centres. Its expansion was set to help the company meet the needs of existing global customers, as well as to continue the process of onboarding financial institutions.
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