Encompass Corporation, the global provider of real-time digital Know Your Customer (KYC) profiles, has acquired CoorpID and Blacksmith KYC from ING to develop a market-leading platform that solves the critical challenge of identification and verification of corporate and institutional clients.
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In 2018, CoorpID was founded by ING Labs in response to complex KYC challenges ING and the wider market faced. CoorpID allows global banks to automate outreach and gather private KYC data directly from corporate banking customers, providing a repository that allows the corporate to manage all their banking relationships.
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This announcement is complemented by another acquisition from ING, which sees Blacksmith KYC also join Encompass. The deal will see Encompass acquire 100% of CoorpID and Blacksmith, creating a platform that will transform the KYC process across the industry. ING will be a stakeholder and development partner to Encompass.
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Wayne Johnson, co-founder and CEO, Encompass Corporation, said: “Today is a momentous occasion for our business, and one I could not be prouder to see. ING’s commitment to supporting and fuelling KYC excellence has led to the successful journeys of CoorpID and Blacksmith KYC. The combination of the technology and market expertise brought by these two businesses is the perfect match for Encompass. CDI is the future of our industry, solving critical problems for the banks we serve, and these acquisitions represent a huge step forward in bringing our vision, which will transform KYC, to life. I could not be more excited as we embark on this next phase and fully believe in what we collectively bring, with much more on the horizon.”
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Blacksmith was established in 2017, as part of ING Labs Singapore, with the aim to enhance KYC processes for the financial industry. Blacksmith allows banks like ING to configure their Customer Due Diligence (CDD) requirements within a Digital Policy Manager. This ensures that the relevant data and evidence is gathered and streamlines the collection process.
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Ivar Lammers, Global Head of Financial Crime Wholesale Banking at ING, said: “I am very proud of the sale of our KYC innovations that have reached the time for the next chapter of their journeys.Encompass, CoorpID and Blacksmith have been established with the customer at heart, which connects them and has been their recipe for success. Together they will continue to provide a first-class customer experience, with smart, tailored offerings that address the needs and challenges of our clients and industry, now and in the future. I have no doubt Encompass is the ideal partner to take our foundations to the next level.”
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About Encompass
Encompass was founded in 2011, Encompass enables fast, accurate identity validation and verification of corporate customers, and a gold standard approach to KYC. Our award-winning corporate digital identity (CDI) platform incorporates real-time data and documents from authoritative global public data sources and private customer information to create and maintain digital risk profiles.
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