Embody Company, a supplier of real-time KYC digital platform, has acquired two key belongings, CoorpID and Blacksmith KYC, from banking large ING.

The deal will see Embody taking full possession of each entities whereas ING maintains a stake within the enterprise and act as a growth companion for the previous.

This acquisition marks a strategic effort by Embody to develop a complicated Company Digital Id (CDI) platform aimed toward enhancing the identification and verification processes for company and institutional shoppers.

CoorpID, launched in 2018 by ING Labs, addresses advanced Know Your Buyer (KYC) challenges. It affords a system for world banks to automate KYC information assortment instantly from company prospects, simplifying the administration of banking relationships for over 500 multinationals throughout Europe.

This instrument will allow Embody to create complete KYC profiles by integrating private and non-private buyer data, thereby providing monetary establishments a unified and detailed view of their shoppers’ identities and related dangers.

The acquisition additionally contains Blacksmith KYC, developed in 2017 at ING Labs Singapore, designed to optimise KYC processes throughout the monetary trade.

Blacksmith permits banks to tailor their Buyer Due Diligence (CDD) necessities and streamline information assortment for effectivity good points. Integrating Blacksmith’s capabilities will bolster Embody’s choices, facilitating extra environment friendly and automatic KYC processes for banks.

Wayne Johnson

Wayne Johnson, Co-founder and CEO, Embody Company mentioned,

“ING’s dedication to supporting and fuelling KYC excellence has led to the profitable journeys of CoorpID and Blacksmith KYC. The mix of the expertise and market experience introduced by these two companies is the proper match for Embody.

 

CDI is the way forward for our trade, fixing vital issues for the banks we serve, and these acquisitions symbolize an enormous step ahead in bringing our imaginative and prescient, which is able to rework KYC, to life.”

Ivar Lammers

Ivar Lammers, International Head of Monetary Crime Wholesale Banking at ING mentioned,

“I’m very pleased with the sale of our KYC improvements which have reached the time for the following chapter of their journeys. Embody, CoorpID and Blacksmith have been established with the client at coronary heart, which connects them and has been their recipe for achievement.

 

Collectively they may proceed to offer a first-class buyer expertise, with good, tailor-made choices that tackle the wants and challenges of our shoppers and trade, now and sooner or later. I’ve little question Embody is the perfect companion to take our foundations to the following degree.”

Featured picture: (From left) Wayne Johnson, Co-founder and CEO, Embody Company and Ivar Lammers, International Head of Monetary Crime Wholesale Banking at ING