encompass corporation and IHS Markit partnership expected to reduce time to complete KYC data gathering by 30%

encompass corporation and IHS Markit partnership expected to reduce time to complete KYC data gathering by 30%
12.03.2019 10:24 am

encompass corporation and IHS Markit partnership expected to reduce time to complete KYC data gathering by 30%

AML and KYC

encompass corporation, a fast-growing provider of intelligently automated Know Your Customer (KYC) solutions, today 12 March announces a partnership with IHS Markit, a world leader in critical information, analytics and solutions.

IHS Markit has integrated encompass’ KYC automation solution into its KYC Services offering to reduce manual processes and drive efficiency. Using encompass, IHS Markit has fully automated the collection of critical KYC data from the public domain, including global corporate registries, regulatory listings and exchanges.

This announcement comes as at a time when managed services for KYC are more in demand than ever before. As the space becomes more competitive, the quality and speed of turnaround are vital to success and turnover. IHS Markit estimate a 30% reduction in the time taken to gather KYC data using encompass, as well as additional benefits associated with automation including:

  • Enhanced quality and consistency of KYC - automation ensures processes are carried out in the same way every time.
  • Reducing the complexity of customer onboarding - intelligent process automation is capable of handling complex analysis in a fraction of the time taken by humans.
  • Improved compliance standards - automation ensures demonstrable compliance by improving transparency of the process.            

Wayne Johnson, CEO and co-founder of encompass corporation, said: “IHS Markit KYC Services are trusted by leading financial institutions globally and we are pleased to be supporting their ongoing innovation and commitment to their outstanding customer offering.

“At encompass, we invest in innovation and ensure our products and services remain at the cutting edge of the industry, so that we can help customers to continuously perform in the most effective manner, while also ensuring the highest quality and level of control at the most competitive cost.”

“Our partnership with encompass will help us increase efficiency, speed of production, and further improve our high quality due diligence for our KYC services,” said Marjorie Chee, global head of KYC Services, IHS Markit. “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.”

Related News

Open invitation for Supreme Fintech Media Launching

The founder of Supreme Fintech from Malaysia is excited to announce the launch of the Supreme Fintech mobile app and financial services, aiming to be the most innovative and... Read more »

Icelandic acquiring bank Borgun hf. invests in cutting-edge FinTech from TruNarrative

Icelandic acquiring bank Borgun hf. – which offers Europe-wide payment processing and issuing services in Iceland – has invested in a new platform from TruNarrative, to help... Read more »

Deutsche Bank Wealth Management Selects Finantix KYC Solution to Empower KYC Processes with AI Tools

 Finantix, a leading supplier of transformational software to the private banking, wealth management and insurance... Read more »

iSignthis Paydentity KYC Continues to Drive Applications

iSignthis Ltd (“the Company”), is pleased to announce that it has now approved more than 150 reportable accounts1. The focus this last month has been on more complex and larger... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel