Overview
Encompass is a leading provider of Know Your Customer (KYC) and corporate governance solutions. To solidify its market position, Encompass strategically acquired two innovative fintech solutions from ING: Blacksmith and CoorpID. These acquisitions allowed Encompass to create a powerful, unified platform that combines Blacksmith's automated KYC workflows with CoorpID's robust legal entity management, establishing a single source of truth for corporate and financial compliance.
The Challenge: Manual & Fragmented Data
Prior to these solutions, financial institutions and global corporations faced a shared problem: a fragmented and inefficient approach to managing critical data. The core problem for both was a reliance on disjointed manual processes that led to increased operational costs and significant regulatory risk.
For KYC and CDD (Blacksmith)
Banks struggled with repetitive, manual tasks and inflexible processes for customer due diligence. Data was scattered, making it difficult to adapt to new regulations and creating inefficiencies that slowed down client onboarding.
For Legal Entity Management (CoorpID)
Multinational corporations battled with data silos, inconsistency, and a lack of transparency. Managing a global portfolio of legal entities, directors, and corporate documents was a high-risk and cumbersome manual process, increasing the risk of non-compliance.
The RegTech Solution: A Centralized Approach
Blacksmith and CoorpID provided the necessary solutions to these challenges, with ToolTwist's involvement being central to their continued success and integration. By bringing these two platforms together, Encompass created a powerful, centralized hub for managing both customer and corporate entity data.
Blacksmith KYC
This fintech solution digitizes and automates Customer Due Diligence (CDD) workflows. It provides a configurable policy engine, allowing banks to automate data and evidence gathering, saving time and providing analysts with critical risk insights.
CoorpID
This RegTech platform simplifies legal entity management by creating a single, secure source of truth for all corporate data. It streamlines document flows and provides real-time visibility into governance structures, mitigating risk and enhancing compliance.
The Impact: Efficiency, Transparency, and Mitigated Risk
The combined solution delivered significant, measurable results for clients in finance, legal, and compliance:
Improved Operational Efficiency
The platforms dramatically reduced time spent on manual data collection and document management, allowing professionals to focus on strategic, high-value work.
Enhanced Risk Management
Centralized data and automated workflows ensure consistency and accuracy, significantly lowering the risk of non-compliance and financial penalties.
Unprecedented Transparency
Clients gained a clear, real-time overview of their global legal structures and financial risks, enabling more informed decision-making and robust governance.
ToolTwist's Involvement
ToolTwist acted as a key strategic partner, providing core development and quality assurance expertise that spanned both the Blacksmith and CoorpID platforms. We were not merely a service provider but an integrated extension of the client's onshore development staff, ensuring seamless collaboration and continuous improvement.
The successful integration and continuous enhancement of both Blacksmith and CoorpID serve as a testament to the strategic partnership between ToolTwist and Encompass.
ToolTwist's contributions
Full-Stack Development
Our developers contributed to building and enhancing both the front-end user interfaces and the back-end logic for both applications, ensuring the platforms remained scalable, secure, and performant.
Quality Assurance & Security
Our dedicated QA team performed extensive testing to ensure the reliability and data integrity of both platforms. Given the sensitive nature of the data, this included rigorous security and performance testing to meet the high standards required for RegTech and fintech solutions.
Strategic Staff Augmentation
ToolTwist provided specialized talent to augment the client's core teams, filling skill gaps and accelerating the development lifecycle for both products. This partnership allowed Encompass to rapidly implement new features and respond to evolving market demands.
Integration Expertise
Our team was instrumental in supporting the integration of both Blacksmith and CoorpID with ING’s internal infrastructure and, subsequently, with the broader Encompass platform.