Speed up your onboarding process with digital CDI/KYC profiles
Complex AML and KYC requirements mean it can take up to 120 days to onboard a corporate customer. Much of this time is spent on the critical customer due diligence (CDD) needed to unwrap complex, often global, corporate ownership structures. Slow onboarding processes impact time to revenue and customer relationships.
Navigating complex regulatory landscapes
Traditional approaches to customer due diligence (CDD) present numerous challenges that hinder efficiency and regulatory compliance for financial institutions:
Manual data collation and high costs: Labor-intensive manual processes lead to errors and incur significant cost.
Time-consuming customer onboarding: KYC can take 90-120 days per client, resulting in frustration, and client abandonment.
Regulatory updates and lack of standardization: Changing regulations and inconsistent data collection and data analysis methods increase compliance burdens and risk exposure.
Human resource inefficiency: Valuable resources are wasted on repetitive tasks, impacting productivity and engagement.
We can help
Encompass revolutionizes customer due diligence with tailored solutions that address these challenges:
Speak to the Encompass team
Efficiency through automation
Automates KYC public data collation and private data acquisition, document retrieval and onboarding tasks, significantly reducing time spent on individual client profiles.
Comprehensive risk management and UBO verification
Provides a complete view of corporate customers, including ultimate beneficial ownership in a complete digital risk profile that includes original source documents, data provenance and a full audit trail.
Adaptability to global regulations
Incorporates regulatory changes fast, reducing risk exposure and providing ongoing compliance across jurisdictions.
Real-time data integration
Accesses up-to-date global public data from corporate and UBO registries, regulators, stock exchanges and screening, IDV and business information from data vendors on demand, for precise execution of a bank’s compliance policy.
Dynamic audit trails
Generates a dynamic audit trail for every search and action taken. This includes original source documents and full data attribute lineage, ensuring transparency and adherence with regulatory standards.
Tailored compliance solutions
Customizes solutions to meet specific regulatory requirements across jurisdictions in line with individual requirements, optimizing efficiency without compromising on compliance.
Benefits of corporate CDD automation
Transforming KYC
Explore our case studies to see how Encompass’ CDI platform has transformed KYC for clients globally. Learn how we’ve significantly enhanced operational efficiency, accelerated onboarding times and improved client experience.
Discover more use cases for our platform
- KYC onboarding
- Enhanced due diligence
- KYC remediation and refresh
- Perpetual KYC
Ready to transform your CDD processes?
Unlock unparalleled efficiency, comprehensive risk monitoring and seamless compliance with Encompass through customer due diligence process automation. Join the ranks of leading banks that have automated KYC processes and improved their customer onboarding experience.
Contact us today and experience firsthand how Encompass can optimize your CDD processes.