Encompass Corporation, a specialist in Corporate Digital Identity (CDI), has been recognised as 'One to Watch' in the Financial Crime and Compliance 50 (FCC50) list by Chartis Research. FCC50 recognises top risk technology providers leading the battle against financial crime, and Encompass' selection emphasises the company's mission and its impact on real-time Know Your Customer (KYC) profiles.
For the first time, Encompass Corporation has provided financial institutions and banks with a unified source of truth by offering full CDI. This shift in compliance technology grants greater visibility into risk assessment, changing the execution of regulatory compliance and fuelling business growth, according to the company.
More than 300 organisations were studied by the FCC50 analysts across KYC Due Diligence, Adverse Media Tracking, Transaction Monitoring and Trade-Based Money Laundering (TBML). The evaluation considered aspects such as innovation, strategic direction, functionality, core technology, market presence, and customer success of each company, to gauge the direction and future of the financial crime and compliance sphere.
Nick Vitchev, Research Director at Chartis, spoke positively about Encompass' approach to regulatory compliance: “Encompass is making considerable waves in the financial crime marketplace due to its unique way of solving the most challenging aspects of KYC. Its innovative approach to Corporate Digital Identity is highly relevant in today's market, making it definitely one to watch."
Encompass Corporation has drawn attention from Chartis by identifying significant market gaps and addressing them through its clear, focused solution – CDI. The analysts at Chartis have commended Encompass for its insightful understanding of the current market challenges and its potential future value. Encompass' innovative platform merges public and private customer information, establishing a comprehensive customer profile while eliminating unnecessary outreach. This not only upholds the highest standards of regulatory compliance, but it also significantly improves the customer experience.
Discussing the challenges facing the banking sector, Wayne Johnson, CEO and Co-Founder of Encompass Corporation, said: "Banks are increasingly battling with an evolving regulatory landscape, outdated manual processes, legacy technology infrastructure, and a turbulent economy. This combination, and the resulting pressures, only underline the critical need for digital transformation."
Wayne Johnson added that the CDI approach is revolutionary, noting it provides "deeper, faster insights than ever before - and with greater accuracy". He said, “CDI can revolutionise a bank's approach to KYC, specifically when it comes to customer onboarding, as well as the ability to detect financial crime. It provides widespread benefits to banks and customers, which, ultimately, maximise competitiveness and profitability. We are delighted to be recognised by Chartis as an exciting industry player bringing solutions that are making a real difference, and that the immense value CDI holds for financial institutions has been highlighted."