Encompass boosts expertise around pKYC

Encompass Corporation has released a new whitepaper that offers unique insights and expertise to assist banks in their journey towards implementing perpetual KYC (pKYC) operating models, thus accelerating their digital transformation.

pKYC represents a strategic imperative for organisations seeking to maintain a competitive edge in the rapidly evolving financial landscape. By leveraging automation, pKYC enables banks to enhance risk detection accuracy, operational efficiency, and customer experience.

Recognising the significance of executive-level support in the pursuit of pKYC, the whitepaper titled “Securing Executive Sponsorship for pKYC Transformation” addresses key challenges and provides best practices for engaging stakeholders. This guidance is crucial for banks seeking to revolutionise their processes through technology adoption.

Expanding upon Encompass’ groundbreaking pKYC maturity model introduced earlier this year, the whitepaper also presents additional insights on maximising the benefits of digital transformation, irrespective of whether pKYC is the ultimate goal. It explores how banks can effectively articulate the advantages of leveraging advanced technology solutions, encompassing risk mitigation and cost reduction, while ensuring proper stakeholder alignment to drive successful outcomes.

Authored by Encompass’ KYC Transformation Director, Howard Wimpory, and Dr. Henry Balani, the Global Head of Industry and Regulatory Affairs, the paper emphasises the value of digital KYC profiles. These profiles utilise real-time data and document analysis through KYC process automation, enabling informed KYC decision-making and yielding positive impacts such as enhanced risk management, accuracy, and scalability.

Howard Wimpory, KYC Transformation Director at Encompass Corporation, emphasised the need for banks to optimise operational efficiency in today’s competitive market. He stated that traditional manual processes are no longer sufficient and emphasised the imperative of implementing technology-driven solutions like pKYC for long-term success.

Dr. Henry Balani, Global Head of Industry and Regulatory Affairs at Encompass Corporation, stressed the importance of prioritising compliance and enhancing processes using technology-led solutions in response to evolving regulatory landscapes and the persistent threat of financial crime. Balani explained that manual KYC processes are time-consuming, resource-intensive, and struggle to keep up with regulatory changes, thereby increasing risks for institutions. He also highlighted the expectations of regulators, who encourage banks to adopt available technologies and integrate them into their operations.

Encompass’ whitepaper aims to elevate the pKYC discourse in the industry by sharing the perspectives and experiences of its pKYC Advisory Board. Chaired by Dr. Henry Balani, the board includes representatives from leading global banks as well as trusted partners specialising in data, technology, and consulting services. This collaborative effort supports Encompass’ goal of promoting meaningful dialogue and driving effective solutions to address the critical global issue of financial crime.

By presenting real-world insights and leveraging expert knowledge, Encompass aims to empower banks to embark confidently on transformative digital projects, be it towards pKYC or other strategic objectives, with the expectation of reaping immediate and long-term rewards.

Read the white paper here

Smardaten Technologies Secures Technology Pioneer Title from World Economic Forum

Scotland-based Smardaten Technologies, a cutting-edge provider of big data and no-code software technology and services was one of the select few “Technology Pioneers” recognised by the World Economic Forum.

In its quest to identify the most promising Technology Pioneers worldwide, the World Economic Forum has unveiled a list featuring 100 companies actively addressing critical issues such as revolutionary technologies, sustainability, climate change, and healthcare. Among the winners is Smardaten Technologies, leading the charge with its fourth-generation big data-powered NoCode platform.

Established by a team of data technology experts from prominent conglomerates in China, Smardaten Technologies introduces a groundbreaking no-code technology, fuelled by intelligent data, that expedites traditional software development timelines from 1-2 years to an impressive 3-6 weeks. Furthermore, the company plays a pivotal role in carbon reduction by significantly decreasing the hours of computer resource consumption.

The World Economic Forum’s Technology Pioneers represent early-stage companies spearheading novel technologies and innovations poised to make a substantial impact on both business and society. Verena Kuhn, the Head of Innovator Communities at the World Economic Forum, enthusiastically welcomed Smardaten and fellow pioneers, acknowledging their instrumental role in driving innovation and disruptive solutions to tackle the world’s most pressing challenges. Their contributions to the Forum’s collaborative efforts, uniting public and private sectors, are eagerly anticipated.

Dr. Yadong (Adam) Cao, co-founder and COO of Smardaten, as a distinguished Technology Pioneer, has been invited to actively engage with the World Economic Forum. Collaborating with global leaders, Dr. Cao will help address key industry and societal issues. Additionally, Technology Pioneers will receive exclusive invitations to participate in Forum events and discussions throughout the year, fostering meaningful exchanges among influential stakeholders from the public and private sectors.

Encompass Corporation Appoints Cheri Burns as PR & Corporate Communications Director

Scotland based Encompass Corporation, has named industry veteran Cheri Burns as the Director of PR & Corporate Communications. In her new role, Burns will oversee media relations for the company.

Burns will be responsible for developing and executing Encompass’ global PR and communications strategy, including managing relationships with analysts and influencers in collaboration with leading trade bodies and industry experts.

Before joining Encompass, Burns held significant editorial positions at national newspapers such as The Daily Record and The Herald, as well as BBC Sport Scotland. She later managed the publications stream for the Glasgow 2018 European Championships.

Cheri Burns, the PR & Corporate Communications Director at Encompass Corporation, expressed her enthusiasm, stating,

“I am thrilled to assume the role of PR & Corporate Communications Director at Encompass, leading media relations for such an innovative organisation.”

“Encompass plays a vital role in addressing global issues like combating financial crime and driving workplace diversity, inclusion, and development. I am excited to continue sharing our values and insights with the media.”

“Effective communication is essential in the technology and financial services industries, fostering awareness and dialogue on important topics, while showcasing innovative solutions that support businesses and encourage collaboration.”

Magalie Pimentel, VP of Marketing at Encompass Corporation, commented,

“Cheri’s extensive and diverse background in public relations, coupled with her profound understanding of the RegTech landscape, makes her an invaluable asset to our organisation.”

“With Cheri’s passion and expertise in shaping brand narratives that resonate with our target audiences, we are confident in our ability to effectively communicate our global vision, values, and innovation.”

Leading global banks and financial institutions, including members of the Wolfsberg Group, rely on Encompass’ award-winning platform to automate the KYC search process and generate real-time digital KYC profiles of their customers within minutes, rather than hours or days.

By streamlining complex manual processes, Encompass enables regulated firms to expedite revenue generation, enhance operational efficiency, and demonstrate consistent compliance.