by Fintech Information Singapore
January 16, 2024
Embody Company, a supplier of real-time KYC digital platform, has acquired two key property, 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 sophisticated Company Digital Id (CDI) platform geared toward enhancing the identification and verification processes for company and institutional purchasers.
CoorpID, launched in 2018 by ING Labs, addresses complicated Know Your Buyer (KYC) challenges. It affords a system for world banks to automate KYC knowledge assortment straight 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 info, thereby providing monetary establishments a unified and detailed view of their purchasers’ 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 business.
Blacksmith permits banks to tailor their Buyer Due Diligence (CDD) necessities and streamline knowledge 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, Co-founder and CEO, Embody Company stated,
“ING’s dedication to supporting and fuelling KYC excellence has led to the profitable journeys of CoorpID and Blacksmith KYC. The mixture of the know-how and market experience introduced by these two companies is the right match for Embody.
CDI is the way forward for our business, fixing vital issues for the banks we serve, and these acquisitions signify an enormous step ahead in bringing our imaginative and prescient, which is able to remodel KYC, to life.”
Ivar Lammers, World Head of Monetary Crime Wholesale Banking at ING stated,
“I’m very happy with the sale of our KYC improvements which have reached the time for the subsequent 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 fulfillment.
Collectively they may proceed to offer a first-class buyer expertise, with good, tailor-made choices that deal with the wants and challenges of our purchasers and business, now and sooner or later. I’ve little doubt Embody is the perfect companion to take our foundations to the subsequent degree.”
Featured picture: (From left) Wayne Johnson, Co-founder and CEO, Embody Company and Ivar Lammers, World Head of Monetary Crime Wholesale Banking at ING