Encompass Corporation, a leader in KYC automation and CDI has unveiled EC360, a platform designed to address the evolving needs of the banking sector.
Known for its expertise in automating Know Your Customer (KYC) processes, Encompass Corporation offers innovative solutions that enhance the financial sector’s efficiency and compliance standards.
In a rapidly changing financial landscape where customer expectations and competition are intensifying, banks are under pressure to modernize. The need for quick and accurate corporate client identity verification is more critical than ever. EC360 was developed in response to this growing demand, offering banks a more effective way to manage KYC processes and deliver seamless customer experiences.
Encompass Corporation’s EC360 platform integrates public and private data sources, providing banks with a comprehensive, 360-degree view of their corporate clients. The platform automates the collection, organisation, and consolidation of data from diverse sources, including registries, law enforcement, stock exchanges, and other secure inputs. This data-agnostic approach allows banks to customise the information they wish to collect, ensuring compliance and enhancing operational efficiency.
The EC360 platform revolutionizes the onboarding process for corporate clients by enabling fast, flawless, and frictionless identity verification. Its innovative features help banks overcome the challenges posed by outdated manual processes and legacy systems, offering a streamlined and automated solution that ensures compliance with evolving regulatory requirements.
The EC360 platform not only transforms KYC processes but also enhances decision-making through the creation of comprehensive, ready-to-use digital risk profiles. This automation reduces the time and resources required for onboarding, cutting operational processes by up to 32% compared to traditional manual methods. Banks can expect to achieve efficiency gains of 21% in the first year, reaching 59% by year five of CDI implementation.
One of the key features of EC360 is its EC Public Automation solution, which integrates public data and documents necessary for KYC. The platform resolves inconsistencies in data and provides actionable insights, including complete beneficial ownership hierarchies. Additionally, the EC Private Outreach solution allows banks and their clients to securely share sensitive documents via a digital vault, ensuring privacy and control over access.
“Banks are drowning in outdated processes and legacy systems, unable to keep up with escalating regulatory demands and mounting client expectations,” said Encompass Corporation CEO Wayne Johnson. “EC360 is not just a platform; it is a blueprint for the future of banking. It seamlessly automates the collation of real-time data and documents and supplements this with private information securely sourced from the client. This results in comprehensive, ready-to-use digital risk profiles that eliminate manual processes, enhance decision-making, and ensure compliance. Built with scalability, security, and reliability at its core, EC360 enables global banks to provide consumer-class service experiences to corporate clients worldwide.”
“At Encompass Corporation, our goal has always been to empower banks to optimise their KYC processes, strengthen risk management, and meet compliance standards—all while driving greater efficiency. With EC360, we’ve designed a solution that delivers this transformative approach. The time to act is now and as banking continues to evolve, so must the systems that support it,” concluded Wayne Johnson.
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