ING Sells In-House KYC Assets CoorpID and Blacksmith to Encompass Corpby Fintech News Singapore January 16, 2024
The deal will see Encompass taking full ownership of both entities while ING maintains a stake in the venture and act as a development partner for the former.
This acquisition marks a strategic effort by Encompass to develop an advanced Corporate Digital Identity (CDI) platform aimed at enhancing the identification and verification processes for corporate and institutional clients.
CoorpID, launched in 2018 by ING Labs, addresses complex Know Your Customer (KYC) challenges. It offers a system for global banks to automate KYC data collection directly from corporate customers, simplifying the management of banking relationships for over 500 multinationals across Europe.
This tool will enable Encompass to create comprehensive KYC profiles by integrating public and private customer information, thereby offering financial institutions a unified and detailed view of their clients’ identities and associated risks.
The acquisition also includes Blacksmith KYC, developed in 2017 at ING Labs Singapore, designed to optimise KYC processes within the financial industry.
Blacksmith enables banks to tailor their Customer Due Diligence (CDD) requirements and streamline data collection for efficiency gains. Integrating Blacksmith’s capabilities will bolster Encompass’s offerings, facilitating more efficient and automated KYC processes for banks.
Wayne Johnson, Co-founder and CEO, Encompass Corporation said,
“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.”
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.”
Featured image: (From left) Wayne Johnson, Co-founder and CEO, Encompass Corporation and Ivar Lammers, Global Head of Financial Crime Wholesale Banking at ING