Encompass Corporation has acquired two compliance startups – CoorpID and Blacksmith – developed by Dutch bank ING.
Founded by ING Labs in 2018, CoorpID allows global banks to automate outreach and gather private KYC data directly from corporate banking customers, providing a repository that allows the corporate to manage all their banking relationships. The business currently services over 500+ multinationals across Europe, helping them to collate, manage and share relevant corporate data.
The startup enhances Encompass’ efforts to solve the key issue of customer outreach for financial institutions, through the creation of a full corporate digital identity profile.
Blacksmith was established in 2017, as part of ING Labs Singapore, to enable banks to configure their Customer Due Diligence (CDD) requirements within a Digital Policy Manager. This ensures that the relevant data and evidence is gathered and streamlines the collection process.
Blacksmith has demonstrated up to 50% efficiency savings and is broadly used across the entire ING Financial Institutions client base, in addition to supporting wider external customers.
The deal will see Encompass acquire 100% of CoorpID and Blacksmith, retaining ING as a stakeholder and development partner.
Wayne Johnson, co-founder and CEO, Encompass Corporation, comments: “Today is a momentous occasion for our business, and one I could not be prouder to see.
“ING’s commitment to supporting and fuelling KYC excellence has led to the successful journeys of CoorpID and Blacksmith KYC. The combination of the technology and market expertise brought by these two businesses is the perfect match for Encompass.”
Source: Finextra
