Encompass Corporation, an Amsterdam, Netherlands-based provider of real-time digital Know Your Customer (KYC) profiles, acquired CoorpID and Blacksmith KYC from ING.
The deal will see Encompass acquire 100% of CoorpID and Blacksmith. ING will be a stakeholder and development partner to Encompass.
The acquisitions will enable the company to develop a platform that solves the critical challenge of identification and verification of corporate and institutional clients.
Founded In 2018, CoorpID allows global banks to automate outreach and gather private KYC data directly from corporate banking customers, providing a repository that allows the corporate to manage all their banking relationships. For large multinationals, the platform makes it easy to store and structure KYC company documents and enables sharing with banks and business partners. CoorpID today services over 500 multinationals across Europe, helping them to collate, manage and share relevant corporate data.
CoorpID enables Encompass to build a complete KYC profile, combining authoritative public information with private information directly from customers.
Established in 2017, as part of ING Labs Singapore, Blacksmith allows banks like ING to configure their Customer Due Diligence (CDD) requirements within a Digital Policy Manager. This ensures that the relevant data and evidence is gathered and streamlines the collection process.
FinSMEs
18/01/2024