Encompass Corporation snaps up CoorpID and Blacksmith KYC from ING
Encompass Corporation plots the enhancement of its corporate Know Your Customer (KYC) services with the acquisition of both CoorpID and Blacksmith KYC from ING.
Encompass snaps up CoorpID and Blacksmith KYC from ING
The UK-founded regtech, which specialises in helping banks onboard large corporate clients, says its latest purchases seek to solve the “critical challenge of identification and verification” in the field of corporate KYC.
CoorpID was founded by ING Labs in 2018 as a web-based platform to help banks gather, store and structure private KYC data from their corporate clients, claiming more than 500 multinational clients across Europe.
Encompass says its acquisition of the platform will allow it to “build a complete KYC profile” and a “full corporate digital identity (CDI)” that combines authoritative public and private sources of information, and eliminates unnecessary outreach.
Likewise, ING Labs Singapore brought Blacksmith KYC to life in 2017 as a means to enable banks to implement customer due diligence (CDD) and KYC requirements into their policies and processes, and is touted to provide 50% efficiency savings.
Encompass says it expects this acquisition to “significantly enhance” its offering and trigger process automation across every stage of monitoring financial economic crime (FEC) risk exposure.
It is to acquire 100% of both ING companies for an undisclosed sum, while ING is set to maintain a position as stakeholder and development partner to Encompass.
Wayne Johnson, co-founder and CEO of Encompass, describes the combined technology and market expertise of the two acquired companies as “the perfect match”, and that it marks “a huge step forward in bringing our vision, which will transform KYC, to life”.
Adding to this, Ivar Lammers, global head of financial crime wholesale banking at ING, says that he expects the acquisitions to generate “smart, tailored offerings that address the needs and challenges of our clients and industry”.
