DUBLIN and LONDON, April 27, 2020 /PRNewswire/ -- Fenergo, the leading provider of digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions, today announced the launch of its cloud-based Remote Account Opening (RAO) solution in EMEA. The solution can help banks in the region to deliver emergency funding more seamlessly to businesses and open bank accounts remotely and compliantly.
Available today, this cloud-based solution can be quickly deployed to allow banks to digitally onboard new customers, while satisfying all Know Your Customer (KYC), Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) requirements, thus reducing the time to onboard dramatically, lowering the total cost of ownership and ensuring customers do not need to visit a bank branch during the current crisis.
"Businesses across the region should not be delayed in accessing funding. In these current circumstances where there are widespread bank branch closures, it is no longer possible to apply for a loan or open a business bank account in person. To help banks overcome this challenge and remotely deliver crucial emergency funding to businesses while meeting regulatory requirements, we have fast tracked the launch of our Remote Account Opening (RAO) solution. This will enable banks to more rapidly respond to higher volume business loan and account opening applications during this period," said Kevin O Neill, Head of EMEA Sales, Fenergo.
"Industry bodies, including the Financial Action Task Force (FATF) and the European Banking Authority (EBA), have published statements outlining measures that can be implemented to mitigate the risk of financial crime throughout the pandemic. FATF encourages the use of digital onboarding processes, including digital identity and verification measures in line with recently published FATF guidance. Meanwhile, the Financial Conduct Authority (FCA) has outlined flexible measures that may be taken in line with a risk-based approach, including the acceptance of scanned documents and 'selfies'. Our Remote Account Opening solution allows banks to digitally onboard clients in compliance with regulatory guidance, leverage the latest digital technologies and continue to mitigate the risk of financial crime," said Rachel Woolley, Global AML Manager, Fenergo.
Fenergo's remote account opening solution is a pre-configured digital only service that seamlessly integrates with a bank's existing account opening process. It delivers front to back KYC, AML and CFT rules automation and screening. It transforms compliance and offers:
- Pre-configured automated regulatory rules engine and associated workflows
- Digital, dynamic collection of required data and documents (ID and Verification), and automated screening for AML due diligence processes
- Quick to deploy account opening and client onboarding functionality with API connectivity to enhance existing digital channels and capitalize on previous investments
Fenergo is the leader in KYC and AML digitalization and automation. Its unique regulatory heritage and mutualised community approach to compliance has allowed it to rapidly develop this proposition. Fenergo's global partnerships with firms such as Salesforce, DXC Technology and AWS allow the company to digitally deliver its systems and services around the world, and to integrate seamlessly into any bank's eco-system.
About Fenergo (www.fenergo.com)
Fenergo is the digital enabler of client and regulatory technology for financial services. It provides digital transformation, client journey and Client Lifecycle Management (CLM) software solutions for Financial Institutions including Corporate & Institutional Banking, Commercial & Retail Banking, Asset Management & Asset Servicing, Private Banking & Wealth Management. Counting 80+ global Financial Institutions as clients, its award-winning CLM suite digitally transforms how Financial Institutions manage clients; from initial onboarding to KYC/AML and regulatory compliance, to data management and ongoing lifecycle KYC reviews and refreshes. Fenergo CLM empowers financial institutions to deliver a faster, compliant and digital customer experience while achieving a single client view across channels, products, business lines and jurisdictions.
Fenergo is quickly becoming the KYC backbone for banks, where a common set of Fenergo KYC services are being leveraged across the bank agnostic of business vertical, product, jurisdiction or client type. This backbone trades increasing complexity for well-designed simplicity.
Fenergo's community-based approach to product development allows clients to collaborate on solution design on a global scale. Its rules-driven solution ensures compliance with multiple global and local regulatory frameworks including AML, KYC, SFTR, Tax (CRS, FATCA, 871M), OTC Derivatives (EMIR, Dodd-Frank, MiFID II, Margin Requirements) and data privacy rules (GDPR). It supports the collection, centralization and sharing of client and counterparty data and documentation across the institution and deploys an API-first approach to advanced integration with a host of external KYC, AML and entity data providers, KYC and industry utilities. The solution is underpinned by next generation Artificial Intelligence, Robotics Process Automation and Machine Learning technologies, using advanced OCR and NLP capabilities to extract information, expedite compliance and improve operational efficiencies.