Encompass Corporation has acquired two compliance startups, CoorpID and Blacksmith, both developed by Dutch bank ING.
CoorpID, launched by ING Labs in 2018, enables global banks to automate outreach and collect private KYC (Know Your Customer) data from corporate banking clients. This platform serves as a repository for companies to manage all their banking relationships and currently supports over 500 multinationals across Europe in collating, managing, and sharing essential corporate data. The addition of CoorpID enhances Encompass’ efforts to address the critical challenge of customer outreach for financial institutions through the creation of comprehensive corporate digital identity profiles.
Blacksmith was founded in 2017 as part of ING Labs Singapore, allowing banks to configure their Customer Due Diligence (CDD) requirements within a Digital Policy Manager. This solution ensures the collection of relevant data and evidence, streamlining the entire process. Blacksmith has demonstrated up to 50% efficiency savings and is widely utilized across the ING Financial Institutions client base, as well as by a variety of external customers.
With this acquisition, Encompass will obtain 100% ownership of both CoorpID and Blacksmith, while retaining ING as a stakeholder and development partner.
Wayne Johnson, co-founder and CEO of Encompass Corporation, remarked, “Today marks a significant milestone for our business, and I could not be prouder to witness it. ING’s dedication to advancing KYC excellence has paved the way for the successful journeys of CoorpID and Blacksmith. The synergy between the technology and market expertise of these two companies perfectly aligns with Encompass.”