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Bisnode and encompass partner to strengthen data coverage in the Nordic region for enhanced KYC

21 jan 2019

PRESSRELEASE

Bisnode, Europe's leading provider of data and analytics, and encompass corporation, a fast-growing global provider of intelligently automated Know Your Customer (KYC) solutions have announced a strategic partnership to deliver state-of-the-art information and customer onboarding services to financial institutions in the Nordic region.

Bisnode offers the broadest and most comprehensive data coverage in the Nordics and through its partnership with Dun & Bradstreet offers access to the D&B Data Cloud, comprised of over 300 million business records and 100 million associated contacts across the globe. Altogether, Bisnode has access to 550 official data sources and counts the major Nordic banks among its 130,000 customers.

Using advanced intelligent process automation, encompass provides regulated firms with a streamlined KYC process that enhances quality, control and customer experience while driving down the cost of compliance.

This announcement comes as banks and other financial institutions in the region seek to strengthen their defenses by raising AML and KYC compliance standards across the whole industry also in the light of a recent series of high-profile money laundering cases.

Both encompass and Bisnode have extensive experience of working with KYC managed service providers and Utilities and have a solid understanding of how to align the various AML/KYC needs of multiple stakeholders to develop effective solutions that drive value and improve compliance.

The two companies will collaborate to develop solutions that specifically address the needs of Nordic banks and financial institutions, enabling them to:

  •  Reduce the spiraling costs of customer onboarding and lifecycle management
  • Speed up and enhance the onboarding experience for customers
  • Improve compliance standards and ensure demonstrable compliance at all times by improving transparency of the process and ensuring auditability
  • Improve the value of the data they rely on when onboarding and maintaining relationships with customers

Bisnode CEO Magnus Silfverberg also commented: "This partnership with encompass is a natural fit for us, since the highest quality data is absolutely key to effective KYC. The integration of our data and analytics into encompass' best-of-breed automation platform will enable regulated firms in the region to establish KYC best practice within the growing regulatory framework."

Wayne Johnson, CEO and Co-founder at encompass corporation, said: "The regulatory environment in the Nordic region is under more scrutiny than ever before, and with this comes the need for tighter, more effective KYC controls. Both encompass and Bisnode actively invest in innovation to ensure our products and services remain at the cutting edge of the industry, so that we can help customers to continuously upgrade and streamline their compliance processes."

About Bisnode:
Bisnode, a leading progressive data and analytics company in Europe, is building a brighter future using smart data. We have more than 2,100 passionate and curious employees who collaborate in 19 countries using analytics and scoring models to predict customer behavior, deliver remarkable insights, and ultimately find innovative solutions to enduring problems. Bisnode – data to drive you forward.

For more information kindly contact:
Name: Joachim Karlsson
Role: Chief Strategy Officer
Mobile: +46 70 821 37 00
Email: j.k@bisnode.com

Media contact for Bisnode Group:
Name: Anna Albinsson
Role: Chief Marketing Officer
Mobile: +46 73 158 5607
Email: anna.albinsson@bisnode.com

About encompass corporation:
encompass intelligently automates information and news discovery for Know Your Customer (KYC) requirements for onboarding, event-driven refresh and remediation.

Driven by a firm's internal policies and choice of reliable, independent sources, encompass automatically constructs corporate ownership structures, discovers beneficial owners, and screens relevant entities and persons for regulatory, reputational and financial risk in minutes.

encompass uses advanced robotic process automation to dynamically build a comprehensive KYC profile from multiple sources, including corporate registries, company and regulatory data, adverse media and identity verification - enabling fast, confident decisions.

With encompass, firms can:
● Improve the quality of their KYC - get the full picture of a customer for safer, more informed decisions
● Reduce the cost of KYC - eradicate valuable hours wasted on repetitive, manual tasks
● Gain full control of KYC - full automation ensures policies and procedures are consistently enforced
● Improve customer experience - reduce onboarding times from up to four hours to just four minutes

Media contacts for encompass:
TB Cardew
Phone: +44 (0) 20 7930 0777
Email: encompass@tbcardew.com
Media contact: Alycia MacAskill
Phone +44 (0) 7876 222 703, For more information, please visit www.encompasscorporation.com
Follow us on Twitter: @encompasscorp