Encompass acquires CoorpID, Blacksmith KYC for improved business ID verification

Global know your customer provider Encompass Corporation announced it has acquired CoorpID and Blacksmith KYC from the European bank ING, to create an ID verification product for enterprises.

CoorpID was founded by ING Labs in 2018. The platform allows large entities to store and structure their KYC documents and share them with banks and business partners as needed. Today, the company serves over 500 multinationals throughout Europe.

With CoorpID, Encompass will now be able to build a KYC or know your business (KYB) profile that compiles public information with private information provided by customers to grant financial institutions a corporate digital identity (CDI).

Blacksmith was founded by ING Labs Singapore in 2017 to improve KYC for the financial industry. It allows banks to customize their customer due diligence requirements in a digital policy manager. It has been shown to improve cost efficiency by up to 50 percent, the company says.

The acquisition of Blacksmith will help Encompass support banks in automating KYC processes, enabling analysts to determine risk from customer profiles and monitor risk levels for financial economic crimes, according to the announcement.

Encompass plans to use the acquisitions to create a KYC platform. ING will be a development partner and stakeholder and plans to use the platform for the foreseeable future.

Since it was established in 2011, Encompass has sought to become the top CDI platform in the world. CDI in tandem with client lifecycle management to improve the customer journey.

“Encompass, CoorpID and Blacksmith have been established with the customer at heart, which connects them and has been their recipe for success,” says ING Global Head of Financial Crime Ivar Lammers. “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.”

Article Topics

acquisitions  |  digital identity  |  Encompass  |  identity verification  |  KYB