Encompass Corporation acquires CoorpID and Blacksmith KYC from ING to revolutionise Corporate Digital Identity
Encompass Corporation, a fintech in the Scottish fintech community and a leading global provider of real-time digital Know Your Customer (KYC), has announced the acquisition of CoorpID and Blacksmith KYC from ING. This strategic move aims to develop a market-leading Corporate Digital Identity (CDI) platform, addressing a crucial challenge in the financial sector.
Transforming KYC Outreach with CoorpID
Originating in 2018 from ING Labs, CoorpID was a response to the intricate KYC challenges faced by ING and the broader market. It helps global banks in automating outreach and collecting private KYC data directly from corporate banking clients. Providing a centralised repository, CoorpID is being used by over 500 multinationals across Europe, streamlining the management and sharing of KYC company documents.
By integrating CoorpID, Encompass will create a comprehensive KYC profile that merges authoritative public information with private data from clients. This innovation introduces a complete CDI to financial institutions, offering a unified source of truth and enhanced visibility into risk. It also ensures a more efficient, compliant, and seamless experience.
Enhancing KYC Processes with Blacksmith KYC
Established in 2017 as part of ING Labs Singapore, Blacksmith KYC focuses on improving KYC processes for the financial industry. It allows banks to customise their Customer Due Diligence (CDD) requirements within a Digital Policy Manager, streamlining data collection and enhancing efficiency, evidenced by up to 50% efficiency savings.
Integrating Blacksmith KYC with Encompass will empower banks to convert manual KYC policies into automated processes, providing valuable risk insights and better monitoring of Financial Economic Crime (FEC) risks.
Creating a Unified Corporate Digital Identity Platform
This acquisition is an important milestone for Encompass, aligning with its vision since its inception in 2011. By acquiring 100% of CoorpID and Blacksmith, Encompass will to transform the KYC industry. ING will not only be a stakeholder but also a development partner in this endeavor.
The emerging CDI sector, essential in the KYC ecosystem, will now complement Client Lifecycle Management (CLM) technology, enhancing the overall customer journey. With ING committing to use the platform in the coming years, Encompass is on its way to become the premier CDI platform globally.
Wayne Johnson, co-founder and CEO, Encompass Corporation, said:
“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.
“CDI is the future of our industry, solving critical problems for the banks we serve, and these acquisitions represent a huge step forward in bringing our vision, which will transform KYC, to life. I could not be more excited as we embark on this next phase and fully believe in what we collectively bring, with much more on the horizon.”
Ivar Lammers, Global Head of Financial Crime Wholesale Banking at ING, said:
"I am very proud of the sale of our KYC innovations that have reached the time for the next chapter of their journeys.
“Encompass, CoorpID and Blacksmith have been established with the customer at heart, which connects them and has been their recipe for success. Together they will continue to provide a first-class customer experience, with smart, tailored offerings that address the needs and challenges of our clients and industry, now and in the future.
“I have no doubt Encompass is the ideal partner to take our foundations to the next level."
