Encompass acquires CoorpID & Blacksmith KYC for digital identity goal

Encompass Corporation, a global provider of real-time digital Know Your Customer (KYC) profiles, has announced its acquisition of CoorpID and Blacksmith KYC from ING. This strategic move is part of Encompass's plan to develop a ground-breaking Corporate Digital Identity (CDI) platform to address the critical need for identification and verification of banking customers and to combat financial wrongdoing.

CoorpID was established in 2018 by ING Labs to address complex KYC challenges faced by ING and the wider market. It enables banks globally to systematically gather private KYC data from corporate banking customers, creating a repository that allows corporations to manage their banking relationships. The system simplifies storage and structure of KYC company documents for large multinationals, facilitating sharing with banking and business partners.

With CoorpID, Encompass can compile comprehensive KYC profiles, merging public information with private data from customers to offer financial institutions an inclusive CDI. This offers a unified source of truth and unprecedented visibility into risk and also supports Encompass's efforts to address the key issue of customer outreach for financial institutions. In this way, a faster, more streamlined customer experience is ensured without compromising on robust compliance.

The acquisition of Blacksmith KYC from ING bolsters Encompass's strategy. Blacksmith, established in 2017 as a part of ING Labs in Singapore, enables banks to digitise their Customer Due Diligence requirements within a Digital Policy Manager, leading to improved efficiency in data gathering and streamlining the collection process. The integration of these capabilities further advances Encompass's offerings and automates manual KYC processes for banks.

The combined acquisition of CoorpID and Blacksmith sees Encompass owning 100% of both entities, creating a platform to revolutionise the KYC process across the industry. ING will retain a stake and work as a development partner with Encompass. It marks a crucial milestone for Encompass and is a leap forward towards their ambition of being the leading provider of CDI platform globally.

Wayne Johnson, CEO of Encompass Corporation, described the day as "momentous for [their] business". He credited ING's commitment to KYC excellence as instrumental to the success of CoorpID and Blacksmith KYC. Johnson also highlighted that this development is a huge stride in bringing CDI to life, the future of their industry.

Ivar Lammers, Global Head of Financial Crime Wholesale Banking at ING, expressed his pride at the sale of ING's KYC innovations and confidence in Encompass as the right partner to "take our foundations to the next level." He underlined the customer-centric ethos of the three businesses and that together they would continue to provide a first-class customer experience.