encompass corporation, a fast-growing provider of intelligently automated Know Your Customer (KYC) solutions, on 12 March announced 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 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.”
An encompass corporation insight
encompass intelligently automates information and news discovery for Know Your Customer (KYC) requirements for onboarding, event-driven refresh and remediation. Driven by a firm’s internal policies and choice of reliable, independent sources, encompass automatically constructs corporate ownership structures, discovers beneficial owners, and screens relevant entities and persons for regulatory, reputational and financial risk in minutes. encompass uses advanced robotic process automation to dynamically build a comprehensive KYC profile from multiple sources, including corporate registries, company and regulatory data, adverse media and identity verification – enabling fast, confident decisions.