Six benefits of corporate digital identity (CDI) for better KYC onboarding
Know Your Customer (KYC) procedures stand as a cornerstone for establishing trust and compliance within the banking sector. Yet, traditional KYC processes pose significant…
Real-time CDI profiles delivered by EC360
Our award-winning EC360 CDI platform automates the manual KYC search process undertaken by analysts and incorporates real-time data and documents from authoritative global public data sources with private customer information, to create and maintain digital risk profiles for 360 vision of clients.
See how complete, real-time KYC investigations are conducted in EC360 to identify and verify clients faster.
Automate global public data search
EC360 uses automation rules to activate a search, directed by your risk policy to extract critical KYC data attributes and documents from global public data sources, in real-time. Data source searches are performed consistently and in parallel to optimize efficiency.
Automate client outreach for private information
Any information gaps are identified and exposed so that client outreach requests can be automated, and data extracted from further documents received.
Data normalization, hierarchy rules and entity resolution
Data collated is structured, standardized, and deduped. It is then matched and merged to resolve data conflict and a client’s preferred data source hierarchy rules are applied to generate a single view of the entity.
Full data provenance is maintained for audit and regulatory purposes.
Corporate hierarchy mapping and UBO identification
Ownership structure and hierarchies of clients or entities are automatically unwrapped in minutes, and in more depth than is possible with manual processes to identify and visualize ultimate beneficial owners (UBOs).
Consolidate and integrate CDI profile with other systems
Data, original source documents and a full audit trail are consolidated into ready-made CDI profiles and delivered directly into internal systems for analysts to review only where necessary, enabling teams to focus on high-risk investigations. Time is saved as information gathering and the risk of human error are drastically cut with EC360.
Maintain CDI profile
CDI profiles provide a single standardized holistic view of the client which can be used for KYC refresh, remediation and perpetual KYC (pKYC) and shared as appropriate, with other internal systems and business functions.
Corporate digital identity from Encompass
Watch our video on how EC360 helps banks across the world automate manual KYC processes to build complete real-time CDI profiles of their clients.
Discover more about corporate digital identity
Digital identity has proven transformative, particularly in retail banking. However, when it comes to business entities, corporate, commercial and investment banks face greater challenges. Corporate digital identity (CDI) takes a holistic approach, tailored to a bank’s regulatory and business needs, providing a single view of its corporate customers.
You might also be interested in
Corporate digital identity: The future of customer centric banking
Our recent webinar explored Corporate Digital Identity (CDI). Together with its potential to revolutionize client experience and cost models for the corporate, commercial and…
Building an effective strategy for the Corporate Digital Identity lifecycle
A well-structured Corporate Digital Identity (CDI) operating model is crucial for banks wanting to stay ahead and streamline corporate client identification and verification.