Wayne Johnson, CEO and co-founder of encompass corporation

Tapping into the KYC services demand market, automated KYC (Know Your Customer) solutions provider, encompass corporation, has announced a partnership with critical information and analytics solutions provider, IHS Markit.

The partnership has enabled IHS Markit to integrate encompass’ KYC automation solution into its KYC offerings. The supplier states that utilizing encompass’ services, IHS Markit has fully automated the collection of critical KYC data from the public domain, including global corporate registries, regulatory listings and exchanges.

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.”

According to the supplier, the partnership aims to reduce the KYC data gathering time by 30% along with additional benefits such as enhanced quality and consistency of KYC, reducing customer onboarding complexity and improvement in compliance standards.

“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.”

encompass corporation automates information and news discovery for Know Your Customer (KYC) requirements for onboarding, event-driven refresh and remediation. It automatically constructs corporate ownership structures, discovers beneficial owners, and screens relevant entities and persons for regulatory, reputational and financial risk.

IHS Markit is a critical information, analytics and solutions provider, delivering next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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