Encompass acquires ING compliance startups
Encompass Corporation, a leading provider of compliance automation solutions, has announced the acquisition of two ING compliance startups, CoorpID and Blacksmith. The deal, which includes the purchase of both businesses and the retention of ING as a stakeholder and development partner, marks a significant milestone for Encompass.
CoorpID, founded by ING Labs in 2018, offers a unique solution that allows global banks to automate outreach and gather private Know Your Customer (KYC) data directly from corporate banking customers. With over 500 multinational clients in Europe, CoorpID simplifies the process of collating, managing, and sharing relevant corporate data, providing a comprehensive repository for efficient banking relationship management.
Blacksmith, established in 2017 as part of ING Labs Singapore, enables banks to configure their Customer Due Diligence (CDD) requirements within a Digital Policy Manager. This innovative offering streamlines the collection process by ensuring the gathering of relevant data and evidence. Blacksmith has already demonstrated up to 50% efficiency savings and is widely used by the ING Financial Institutions client base, as well as external customers.
The acquisition of CoorpID and Blacksmith strengthens Encompass’ ability to address the critical issue of customer outreach for financial institutions. By integrating these startups’ technologies, Encompass aims to create a complete corporate digital identity profile, enhancing its overall compliance solutions.
Wayne Johnson, co-founder and CEO of Encompass Corporation, expressed his pride and enthusiasm for the transformative acquisition. He noted that ING’s commitment to driving KYC excellence has paved the way for the success of CoorpID and Blacksmith KYC. The combination of these businesses’ technology and market expertise is an ideal match for Encompass, positioning the company as a leader in the compliance automation space.
The acquisition holds exciting prospects for Encompass, enabling them to deliver a more comprehensive and efficient compliance solution to financial institutions worldwide. With the support and ongoing partnership of ING, Encompass aims to continue revolutionizing customer outreach and streamlining compliance processes for the benefit of the entire industry.
In conclusion, Encompass’s acquisition of ING compliance startups CoorpID and Blacksmith amplifies the company’s ability to address customer outreach challenges and further innovate compliance automation solutions. This strategic move positions Encompass as a key player in the industry and holds great potential for revolutionizing compliance practices on a global scale.
