Accuity to streamline KYC processes with Encompass Corporation

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Financial crime screening and KYC solutions provider, Accuity announced a strategic partnership with Encompass Corporation today. The collaboration is expected to help customers in streamlining KYC processes, enhance the quality of risk assessments, and reduce compliance costs. Accuity will be enabled to develop a new solution for improving customer due diligence through a quick KYC risk assessment at the point of onboarding or periodical review in a single search.

Nick Ford, VP, Distribution, and Alliances at Encompass said, “We are delighted to partner with Accuity. The joint proposition of advanced intelligent process automation from Encompass and world-leading data solutions from Accuity will make a real difference to customers by removing the burden of manual KYC and enabling them to effectively carry out KYC due diligence in a quick, seamless and cost-effective way. We are very excited to be supporting Accuity in bringing this to the market to improve KYC risk assessments.”

Accuity stated that its recent research showed that 79% of respondents see automating data and workflow processes to save time as a priority. The collaboration will allow Bankers Almanac: Counterparty KYC customers to automate the collection of ultimate beneficial ownership and screening list information, enabling auditable and easier risk decisioning.

David White, EVP of Global Payments at Accuity, commented, “Accuity is honoured to partner with Encompass to help customers efficiently perform their KYC due diligence activities on new financial counterparties, improve operational efficiency and lower costs by providing integration between Bankers Almanac, the most reliable global intelligence on the world’s banks, and an automated KYC platform. As local governments and global regulators continue to introduce or tighten regulations, our goal is to enrich correspondent relationships globally and increase financial inclusion.”