Automated banking technology firm Encompass is partnering with data and analytics firm Bisnode in a deal which aims to expand its customer on boarding services to banks and financial institutions in the Nordic region.

Announcing the strategic partnership, Encompass Corporation, which uses artificial intelligence to automate Know Your Customer (KYC) solutions, said it would benefit from Bisnode’s comprehensive data coverage across its 130,000 customers in region, including the major Nordic banks.

The move comes as banks and other financial institutions in the region seek to strengthen their defenses by raising Anti-Money Laundering (AML) and KYC compliance standards across the whole industry in the light of a recent series of high-profile cases which highlighted lax regulatory controls at major Nordic banks.

Under the terms of the agreement, Bisnode will integrate its data and analytics into Encompass’ automation platform to enable regulated firms in the region to establish KYC best practice within the growing regulatory framework. It is hoped the tie-up will help banks to improve compliance and data standards.

Wayne Johnson, chief executive and co-founder at Encompass Corporation, said: “The regulatory environment in the Nordic region is under more scrutiny than ever before, and with this comes the need for tighter, more effective KYC controls.”

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