Integration between Bankers Almanac: Counterparty KYC and Encompass SaaS platform to reduce time spent onboarding financial counterparties and improve regulatory compliance
Accuity, the leading global provider of financial crime screening, payments and Know Your Customer (KYC) solutions, and Encompass Corporation, a fast-growing provider of intelligently automated KYC solutions, have announced a strategic partnership to help customers streamline KYC processes, improve the quality of risk assessments and reduce the costs of compliance.
When onboarding a new financial counterparty, banks are required to first perform due diligence, screen them against sanctions, adverse media, enforcements and politically exposed persons (PEPs) lists, and create the preliminary risk profile for each financial counterparty. With the partnership with Encompass, Accuity will create a new solution that allows clients to enhance customer due diligence by quickly performing a KYC risk assessment at the point of onboarding or periodical review in a single search.
A recent Accuity KYC survey revealed that 79% of respondents see automating data and workflow processes to save time as a priority, indicating that improving efficiency has never been more important. Unlike manual KYC processes, which consume time, are prone to error, and undermine risk scoring decisions, this partnership will allow Bankers Almanac: Counterparty KYC customers to automate the collection of ultimate beneficial ownership and screening list information, enabling auditable and easier risk decisioning.
Nick Ford, VP, Distribution and Alliances at Encompass, said: “We are delighted to partner with Accuity. The joint proposition of advanced intelligent process automation from Encompass and world leading data solutions from Accuity will make a real difference to customers by removing the burden of manual KYC and enabling them to effectively carry out KYC due diligence in a quick, seamless and cost-effective way.
“Amidst an ever-changing landscape, the partnership will boost efficiency by powering faster onboarding, resulting in a better customer experience and, ultimately, helping to ensure regulatory compliance. We are very excited to be supporting Accuity in bringing this to the market to improve KYC risk assessments.”
David White, EVP of Global Payments at Accuity, commented, “Accuity is honoured to partner with Encompass to help customers efficiently perform their KYC due diligence activities on new financial counterparties, improve operational efficiency and lower costs by providing integration between Bankers Almanac, the most reliable global intelligence on the world’s banks, and an automated KYC platform. As local governments and global regulators continue to introduce or tighten regulations, our goal is to enrich correspondent relationships globally and increase financial inclusion.”
For more information, please contact:
Imogen Nash, Accuity
Tel: +44 (0) 7789 924 920
Centropy PR, Encompass
Tel: +44 (0)20 3959 9121
Jon Schubin, Cognito
Tel: +44 (0) 20 7426 9400
Notes to Editors:
Accuity powers compliant and assured client transactions to help build an interconnected and trusted financial ecosystem. Our financial crime screening, payment services, and benefits compliance solutions help enable financial inclusion while identifying criminal activity and fraudulent players. With deep expertise and industry-leading data and analytics solutions from the Firco and Bankers Almanac brands, Accuity provides unmatched confidence, efficiency and compliance for customers around the world. Part of RELX, a world-leading provider of information and analytics for professional and business customers across industries, Accuity has been delivering solutions to banks and businesses worldwide for 180 years.
Know Your Customer (KYC) regulation is evolving and so are the costs and impact on the global financial industry.
Encompass’ intelligent process automation platform for KYC dramatically improves the client experience, significantly speeding up KYC processes.
Encompass automates gathering, processing and collation of primary and premium information and news discovery for KYC purposes – be that for new customer onboarding, event-driven refresh, or remediation.
Using customers’ existing internal KYC policies and processes, Encompass constructs corporate ownership structures, discovers beneficial owners, and comprehensively screens entities and persons for risk – be that across structured watchlist data sets or unstructured adverse media sources.
Advanced intelligent process automation builds a comprehensive KYC profile from multiple sources, facilitating fast, confident decisions.
Encompass delivers a single platform to manage clients from large corporations through to small and medium sized enterprises and individuals.