Know your customer (KYC) solutions provider encompass has partnered with Bisnode to provide customer on-boarding services to financial institutions in the Nordic region.

The move comes at a time when most of the banks in the region are working to implement stringent anti-money laundering (AML) and KYC compliance standards.

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encompass-Bisnode KYC partnership

The two companies will work together to develop solutions that will enable the Nordic banks to reduce customer on-boarding costs.

They will also work to enhance compliance standards during on-boarding thereby improving transparency.

Additionally, encompass and Bisnode will collaborate to improve the on-boarding experience for customers.

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Encompass co-founder and CEO Wayne Johnson 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.

“Both encompass and Bisnode actively invest in innovation to ensure our products and services remain at the cutting edge of the industry, so that we can help customers to continuously upgrade and streamline their compliance processes.”

Commenting on the KYC services partnership, Bisnode CEO Magnus Silfverberg said: “This partnership with encompass is a natural fit for us, since the highest quality data is absolutely key to effective KYC.

“The integration of our data and analytics into encompass’ best-of-breed automation platform will enable regulated firms in the region to establish KYC best practice within the growing regulatory framework.”