Technology specialists EQ – formerly known as Equitini – and Encompass have partnered up to offer a cutting-edge Know-Your-Customer (KYC) service.
The two companies will work together to automate and use artificial intelligence to analyse data on new customers within minutes, making it ideal for alternative lenders such as peer-to-peer platforms.
“We consider ourselves experts in handling KYC cases that can’t be automated, in cases of complex ownership structures and screening hits for example,” said Chris Adams, head of product at EQ Digital.
“This partnership will help us in our wider market offering in delivering a truly comprehensive, efficient KYC product for our customers.”
The partnership is intended to enhance EQ’s holistic, end-to-end KYC customer offering and increase time and cost efficiencies. According to the two firms, the partnership will also future proof EQ’s access to third party data sources through universal connectivity and will allow for consistent compliance across jurisdictions.
“Together, EQ and Encompass solve many of the critical challenges of KYC corporate onboarding,” said Nick Ford, vice president, distribution and alliances at Encompass.
“Combining automated data and document discovery, workflow, and client outreach. Combined with EQ’s leading managed KYC service, this proposition evolutionises very complex, costly processes.”