Automated KYC developer encompass has signed a deal with IHS Markit to reduce times to complete KYC data gathering by 30 per cent.
IHS will integrate the KYC automation solution with its own KYC services in order to lower manual interactions and boost efficiency. Through encompass, IHS will automate the collection of critical KYC data from the public domain, including corporate registries, regulatory listings and exchanges.
Other expected benefits from this integration include an enhance quality and consistency of KYC, lower complexity around customer onboarding, and improved compliance standards.
IHS Markit global head of KYC Services Marjorie Chee said, “Our partnership with encompass will help us increase efficiency, speed of production, and further improve our high-quality due diligence for our KYC services.
“Through technology, we are automating traditionally manual processes, improving data quality for our growing customer base as well as scaling up to support new jurisdictions – allowing us to put a greater focus on screening for negative news and politically exposed person (PEP) checks rather than purely data collection.”
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.
Earlier in the year, encompass formed a strategic partnership with Bisnode to support customer onboarding of financial institutions in the Nordics. By working together, the RegTech is helping Nordic financial institutions lower costs of customer onboarding and lifecycle management, accelerate and strengthen the onboarding experience, and improve transparency and auditability of the process.
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