How Encompass has transformed Mainspring’s onboarding processes
“Being able to run multiple online Identification and Verification (ID&V) and Anti-Money Laundering (AML) screening checks quickly and efficiently has been a real plus for us, and has meant we can continue to offer a great service to our clients.”
That’s the feedback from Mainspring Fund Services, which focuses on private equity and venture capital fund administration and accounting, when reflecting on how Encompass has enhanced their onboarding processes during the shift to remote working.
Like businesses across the world, Mainspring’s employees have had to adjust to the ‘new norm,’ and it is in the last few months, especially, that they have seen the benefits of Encompass’ Software as a Service (SaaS) solution, which has enabled them to work safely and effectively while away from the office.
We spoke to Mainspring to find out how their compliance team are dealing with the changing climate, the challenges this has brought when it comes to Know Your Customer (KYC) and onboarding, and why Encompass’ capabilities around identifying Ultimate Beneficial Owners (UBOs) and corporate ownership unwrapping are particularly important to the business.
What impact has the current climate had on how your compliance team works?
The situation has had little impact on the way we work. Our compliance team already worked a combination of office-based and remotely before the pandemic hit, so they have been able to continue working efficiently and meeting client deliverables with no disruption.
How have you adjusted to remote working and was this new to your team(s)?
Despite remote working not being new to those who work in our compliance team, it was for some others in the company. The company had collaboration, video and screen share applications as part of the standard IT build for all users, however, some were less familiar with these at the outset of the pandemic. The adjustment was quick, and now these are valued parts of everyone’s daily working.
Accelerating digital transformation while working remotely
How has the Encompass platform assisted in ensuring that you are able to maintain secure and easy access and work to full potential remotely?
Since deploying the platform just over a year ago, we have been able to easily and efficiently carry out onboarding checks, without the need for a completely manual process, which was hugely administrative. Having a platform we can access in the office or remotely has been a key advantage for the business. It has led to us taking on new clients and business, which would have been a lot more difficult to do without an effective platform.
Which features within the platform have you benefited from most in this time?
Currently, the majority of onboarding checks we conduct are for UK individual investors, on the Nominee side of the business. These often need to be run quickly, and the results shared with our clients within a short space of time. Using the platform to run essential checks and provide clients with clear ID&V and AML screening reports allows Mainspring to offer a seamless experience whilst allowing clients to focus on other areas of the investment process
The platform is also used for onboarding of investors and, for us, a key aspect of this is identifying and unravelling ownership structures and also UBOs, which can often be complex and time consuming. Having this in a chart format really helps to show any complexities and raise these to our clients so they can make an informed decision.
Being able to run ID&V alongside AML screening allows us to update our clients on all KYC and AML matters at the same time.
How do you see the way you work, both as a team and with solutions such as Encompass, developing in the future?
We will continue to use the Encompass platform for onboarding and ongoing monitoring purposes, which will include individuals and entities based in the UK.
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Encompass’ intelligent process automation conducts live document and data collection, analysis and integration from public and premium sources to bring transparency to complex corporate structures and ultimate beneficial ownership, delivering the most accurate and complete KYC on demand.