Encompass Corporation, a leader in KYC automation and corporate digital identity (CDI) has launched EC360, a ground-breaking platform designed to transform the banking sector.
EC360 seamlessly integrates public and private data, providing a 360-degree view of corporate clients, and enabling fast, flawless, and frictionless identity verification.
In a world where rising client expectations and fierce competition are reshaping the financial landscape, banks face an urgent need to modernise. Digital transformation is essential, especially for corporate banks, where the ability to quickly and accurately verify corporate client identities is crucial.
With EC360 the onboarding process is transformed through a suite of innovative solutions. The platform orchestrates and automates the collection, organisation, and consolidation of data from public and private sources, ensuring compliance and meeting business requirements. Its data-agnostic approach allows banks to tailor the information they wish to collect, integrating real-time inputs from registries, law enforcement, regulators, stock exchanges, secure client outreach and other sources.
“Banks are drowning in outdated processes and legacy systems, unable to keep up with escalating regulatory demands and mounting client expectations,” said Wayne Johnson, CEO and Co-founder of Encompass Corporation. “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.”
Outdated manual processes, legacy systems, and a complex web of escalating regulatory demands are straining banks’ ability to meet rising client expectations. These inefficiencies frustrate both banks and clients, driving the need for innovative solutions. By automating identity validation and verification, EC360 offers a solution that not only addresses these pain points but also unlocks new opportunities for growth and operational excellence.
This automation reduces the time and resources required for onboarding, cutting operational processes by up to 32% compared to traditional manual methods that average 51 hours per client at Tier 1 banks. By streamlining workflows and minimising errors, EC360 helps banks achieve unparalleled efficiency gains starting with 21% in year one to 59% in year five from implementing CDI, enabling them to allocate resources to strategic initiatives that drive innovation and revenue growth.
The EC Public Automation solution hosted by EC360 collates and integrates crucial public data and documents needed for KYC. EC360 standardises data and resolves inconsistencies, delivering actionable insights and complete beneficial ownership hierarchies. Additionally, the EC Private Outreach solution allows banks and their clients to share sensitive documents with full control over access, ensuring both privacy and security via a secure digital vault.
“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.” Wayne Johnson concluded.