encompass, an automated KYC solution developer, has formed a strategic partnership with Bisnode to support customer onboarding of financial institutions in the Nordics.
By working together, the company will help Nordic financial institutions to lower costs of customer onboarding and lifecycle management, accelerate and strengthen the onboarding experience, and improve transparency and auditability of the process.
In addition to this, the companies will increase the value of data relied on for onboarding and in maintenance of customer relationships.
The two companies decided to partner on the back of rising needs of AML and KYC solutions.
encompass provides robotically automated know your customer software to support banking, finance, legal and accountancy processes. The company’s AI gathers and analyses a wide variety of information to build a clearer visual image of a company or individual.
Its solution can complete an initial risk assessment, understand corporate hierarchy to discover ultimate beneficial owners, identify regulatory risk and uncover adverse media. encompass, continuously monitors the system for any material changes and can keep track of audit trails.
encompass CEO and Co-founder Wayne Johnson, said, “The regulatory environment in the Nordic region is under more scrutiny than ever before, and with this comes the need for tighter, more effective KYC controls. Both encompass and Bisnode actively invest in innovation to ensure our products and services remain at the cutting edge of the industry, so that we can help customers to continuously upgrade and streamline their compliance processes.”
Bisnode is a data and analytics platform which uses analytics and scoring models to predict customer behaviours. In doing this, enterprises can gain insights on their customers, operations, risks and opportunities in order to improve decision making.
Late last year, encompass was picked by Canadian FinTech incubator APPx Group to help its meet necessary AML and CTF regulatory compliance.
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