Encompass Corporation has recently expanded its capabilities by acquiring two significant entities from ING: CoorpID and Blacksmith KYC.
ING, a renowned financial institution, has developed these subsidiaries to address complex KYC challenges, making this acquisition a strategic move for Encompass in the FinTech sector.
The reason for this acquisition is to develop a market-leading platform that addresses the critical challenge of identification and verification of corporate and institutional clients. The deal’s value, although not specified, is seen as a significant investment by Encompass to strengthen its position in the KYC domain.
CoorpID, established by ING Labs in 2018, offers a unique solution for global banks to automate KYC data collection directly from corporate banking customers. This platform has been instrumental for over 500 multinationals in Europe, simplifying the management and sharing of KYC company documents.
Blacksmith KYC, another ING Labs creation from 2017, focuses on enhancing KYC processes for financial institutions, allowing banks to configure their Customer Due Diligence requirements digitally, leading to substantial efficiency improvements.
These acquisitions enable Encompass to create a comprehensive KYC profile by combining authoritative public information with private customer data. This synergy is expected to revolutionize the KYC process across the industry, making it more efficient and less reliant on manual procedures. The integration of these technologies will play a pivotal role in developing a robust Corporate Digital Identity (CDI) platform.
This move marks a major milestone for Encompass, aligning with its vision since 2011 to be the premier CDI platform globally. The integration of CDI into Client Lifecycle Management technology is anticipated to significantly enhance the customer journey in the KYC ecosystem. ING’s continued partnership and stake in these ventures underscore the strategic importance of this acquisition.
Encompass Corporation CEO Wayne Johnson said, “Today is a momentous occasion for our business, and one I could not be prouder to see. 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.”
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.”
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