KYC automation software creator Encompass has scored £1.97m in a research and development grant from Scottish Enterprise.
The investment, which was announced by First Minister Nicola Sturgeon, will be used to develop an AI platform to help financial services.
Its AI solution will enable Encompass customers to quickly and accurately find risk-relevant information regarding their customers, organizations and investments from a wide selection of data.
Encompass build automation software for know your customer (KYC) processes to help businesses streamline their decision making.
First Minister Nicola Sturgeon said, “Encompass is one of a number of international companies that have chosen to locate and steadily expand their operation making Scotland an attractive place to grow its business. From its Glasgow base, the company has access to markets, a supportive business environment and has been able to identify local talent from Scottish professionals in the engineering and software development sector.
“Backed by almost £2 million of R&D investment from Scottish Enterprise, Encompass will be able to develop artificial intelligence software tools that will assist companies in the financial sector reduce operational risks associated with meeting compliance and regulatory standards.”
This grant is part of a £4.9m initiative which aims to create 33 ‘high-value’ RegTech jobs in the city.
Encompass teamed up with Pegasystems near the end of last year to help its clients streamline the customer onboarding process.
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