Encompass Corporation, the leading provider of intelligently automated Know Your Customer (KYC) solutions, has been announced as the newest member to join the Global Legal Entity Identifier Foundation (GLEIF) Vendor Relationship Group.

The GLEIF Vendor Relationship Group makes it possible for GLEIF to understand market and product requirements of Legal Entity Identifier (LEI) data by enabling participating members to express their views on LEI services and important industry developments via an open communication platform.

As part of the group, Encompass, recognising the increasing importance of LEI data and its relevance to the KYC process, will play a role in collectively offering views and expertise from industry leaders, including Cyndi Festa, its Head of Data Sources. The group will also use data points from the Encompass platform to inform GLEIF of bespoke trends and information relating to money laundering and financial crime. Feedback gathered in its sessions, which will ultimately contribute to better outcomes for all users, will also help GLEIF to understand the challenges associated with LEI data and services, so they can be developed accordingly.

GLEIF’s Vendor Relationship Group includes representatives from global technology vendors and service providers. In fact, all participating organisations will usually own or support a significant capability in data and data distribution that is relevant to the GLEIF mission.

Cyndi Festa, Head of Data Sources for Encompass Corporation, commented:

“We are pleased to be joining the GLEIF Vendor Relationship Group, which has a significant role to play in promoting the LEI and helps to inform GLEIF about trends in and needs of the market. By joining with other participating members, Encompass will be at the centre of critical conversations around key future developments, particularly when it comes to what organisations need, as well as how GLEIF’s data can help to meet those needs.”

Stephan Wolf, CEO for GLEIF and GLEIF Vendor Relationship Group co-chair, added:

“We are very excited to have Encompass joining the group and to count on its valuable industry insights and KYC experience. With Encompass, we will have more than 40 organisations in the group, which creates a solid and rich dialogue between GLEIF and major private sector solution providers to further promote the LEI worldwide.”