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Encompass to develop improved AI tool with £1.97 mn R&D grant

Glasgow-based RegTech Encompass has received a  £1.97 million R&D grant from Scottish Enterprise in a bid to enable the RegTech to develop an AI platform for its financial services clients. The announcement was made by First Minister of Scotland, Nicola Sturgeon. The grant is a part of a funding project valuing £4.9 million and aimed at the creation of RegTech employment in the city.

First Minister Nicola Sturgeon said, “Encompass is one of a number of international companies that have chosen to locate and steadily expand their operation making Scotland an attractive place to grow its business. From its Glasgow base, the company has access to markets, a supportive business environment and has been able to identify local talent from Scottish professionals in the engineering and software development sector. Backed by almost £2 million of R&D investment from Scottish Enterprise, Encompass will be able to develop artificial intelligence software tools that will assist companies in the financial sector reduce operational risks associated with meeting compliance and regulatory standards.”

The AI service is expected to assist the company’s customers to find risk-relevant information about customers, organisations and investments from a data pool. The company states that its Glasgow branch has been focused on KYC product and has been utilising data analytics to ensure the safety of clients from organised crime.

Wayne Johnson, Co-Founder and CEO, Encompass, said, “We are delighted to receive this grant, which will allow us to carry out crucial, timely work. There is considerable demand in our space for a solution of this kind, and this development will be central to us continuing to bring innovative solutions to the market and our customers.”

Recently, Encompass Corporation announced a partnership with software company Pegasystems Inc. in a bid to allow clients to access Encompass data through Pega’s KYC and Client Lifecycle Management application.

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