EC360 platform launches to revolutionise banking KYC

Encompass Corporation has announced the launch of its EC360 platform aimed at transforming corporate client verification processes in the banking sector.

Banks are increasingly pressured to modernise their systems amid rising customer expectations and intensifying competition, making digital transformation critical, especially in the realm of corporate client verification. To address these challenges, the EC360 platform integrates public and private data, offering a comprehensive view of corporate clients and ensuring swift identity verification.

The EC360 automates the collection, organisation, and consolidation of data from various sources including public registries, law enforcement, and regulators. This data-agnostic system permits banks to customise data collection according to their needs, thus ensuring compliance and meeting several business requirements simultaneously.

Wayne Johnson, Chief Executive Officer and Co-founder of Encompass Corporation, highlighted the burden of outdated manual processes and legacy systems on banks. "Banks are drowning in outdated processes and legacy systems, unable to keep up with escalating regulatory demands and mounting client expectations," said Johnson. "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."

The automation capabilities of EC360 aim to simplify the identity verification process, offering banks the ability to reduce operational processes by as much as 32% compared to traditional methods, which can take up to 51 hours per client at Tier 1 banks. EC360 promises incremental efficiency gains starting with 21% in the first year, eventually reaching up to 59% by the fifth year, thus freeing up resources for strategic initiatives.

The EC platform encompasses Public Automation, which integrates essential public data and documents necessary for Know Your Customer (KYC) compliance. It also includes Private Outreach, which ensures secure document sharing between banks and clients, maintaining privacy and confidentiality through a digital vault.

Johnson further elaborated on the driving mission behind EC360, stating, "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."