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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:
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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

1
Improved time to revenue and onboarding processes

Encompass accelerates time-to-revenue and enhances onboarding processes with comprehensive CDI profiles that minimize client outreach and combine both public and private data. These integrate seamlessly with CLM and CRM systems, streamlining onboarding processes and digital account opening.

2
Maximizing KYC data value

The Encompass CDI platform populates CLM and CRM systems with up-to-date KYC data, from the public domain and automated client outreach. This empowers organizations to identify business opportunities, expand accounts and win more business.

3
Enhancing regulatory risk mitigation

Encompass provides the full picture of a corporate customer by creating a digital risk profile that includes original source documents, a detailed corporate structure and beneficial ownership, data provenance and a full audit trail. This improves risk assessment processes and ensures robust compliance across global operations.

4
Integration of comprehensive public data sources

Encompass integrates data on demand from corporate and UBO registries, regulators, stock exchanges and screening, IDV and business information from data vendors in real-time. This enables 100% automation of a bank’s KYC search procedure in line with its compliance policy.

The transition from manual KYC to process automation | Encompass blog

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.

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Discover more use cases for our platform

  • KYC onboarding
  • Enhanced due diligence
  • KYC remediation and refresh
  • Perpetual KYC

Transform KYC onboarding processes with corporate digital identity. Automate repetitive tasks to eliminate error and increase efficiency.

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Enhanced due diligence (EDD) goes beyond customer due diligence. Encompass enables banks to maximize data quality and freshness and deliver KYC due diligence excellence, backed by automation.

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Put an end to manual KYC remediation and refresh. Encompass creates a digital record of customers with complete CDI profiles that can be refreshed to increase efficiency and reduce risk exposure.

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Provide digital client records with CDI profiles that can be refreshed in response to a material event as part of a continuous or perpetual KYC (pKYC) program.

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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.

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