Compliance firm Accuity has signed a strategic partnership agreement with know your customer (KYC) company Encompass.
The deal will see Accuity create a new solution for KYC risk assessment at the point of customer onboarding.
Founded in 2011, Encompass is based in Glasgow. It claims to be the only provider of “simultaneous, real-time access to multiple sources” of company data.
Encompass’s automated KYC technology will be embedded in Accuity’s Bankers Almanac solution.
Users can automate the collection of ultimate beneficial ownership and screening list information, enabling “auditable and easier risk decisioning.”
According to survey data from the company, 79% of firms see the automation of processes like KYC as a priority.
“Amidst an ever-changing landscape, the partnership will boost efficiency by powering faster onboarding, resulting in a better customer experience,” says Nick Ford, vice president for distribution and alliances at Encompass.
“The joint proposition of advanced intelligent process automation from Encompass and world leading data solutions from Accuity will make a real difference to customers.”
David White, executive vice president of global payment at Accuity, says the deal comes at a good time.
“As local governments and global regulators continue to introduce or tighten regulations, our goal is to enrich correspondent relationships globally and increase financial inclusion.”
via FinTech Futures – https://bit.ly/3hou44l