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Encompass Plans Corporate Digital Identity Platform Following Acquisition of CoorpID and Blacksmith KYC

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Encompass Corporation, a provider of real-time digital Know Your Customer (KYC) profiles, has acquired CoorpID and Blacksmith KYC from ING to develop a platform that solves the critical challenge of identification and verification of corporate and institutional clients. ING will be a stakeholder and development partner to Encompass and will use the platform in the years ahead.

CoorpID allows global banks to automate outreach and gather private KYC data directly from corporate banking customers. A repository allows the corporate to manage all its banking relationships. For large multinationals, the platform makes it easy to store and structure KYC company documents and enables sharing with banks and business partners.

The CoorpID solution enables Encompass to build a complete KYC profile, combining authoritative public information with private information directly from customers. This offers financial institutions a full Corporate Digital Identity (CDI) providing a unified source of truth and visibility into risk.

Blacksmith KYC allows banks to configure Customer Due Diligence (CDD) requirements within a digital policy manager. This ensures relevant data and evidence are gathered and streamlines the collection process. Connecting this capability will enhance Encompass’ offering, making it easier for banks to turn manual KYC policies into automated processes and providing analysts with risk insights from the customer profiles and the ability to better monitor Financial Economic Crime (FEC) risk exposure.

Wayne Johnson, co-founder and CEO at Encompass, comments: “CDI is the future of our industry, solving critical problems for the banks we serve. These acquisitions represent a huge step forward in bringing our vision, which will transform KYC, to life.”

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