PwC Forms Alliance With Fenergo to Streamline KYC Compliance for Financial Institutions

DUBLIN, Dec. 3, 2019 /PRNewswire/ -- Professional services firm PwC has joined up with leading provider of digital Client Lifecycle Management (CLM) solutions Fenergo to "do KYC differently".

Collaborating with Fenergo means that PwC will now provide client onboarding and KYC review and refresh operations as managed services, complementing PwC's existing AML and KYC remediation offerings.

PwC's financial institution clients can now access an innovative and efficient managed solution to address their ongoing KYC challenges.

The alliance combines PwC's regulatory expertise and operational capability with Fenergo's cloud-based, award-winning, CLM solution, increasing PwC's footprint in the area of financial crime operations.

Designed in response to client demands to shorten onboarding times and amalgamate different KYC processes under a single cloud-based solution, the resulting services will improve the full customer experience while providing regulatory certainty for financial institutions.

Coming as part of PwC's ongoing focus on digital transformation and developing new models of delivery, the alliance marks a further significant expansion of the financial crime services provided by PwC.

Ian McConnell, PwC Partner, said:

"PwC is always looking at ways to disrupt ourselves and our markets. Acquiring cutting-edge technologies that help our clients is one of the ways we're doing that.

"Working with Fenergo will enable us to do KYC differently - complementing our regulatory knowledge, delivery capability and experience with cloud-based CLM technology will increase the number of services that we can offer to financial institutions.

"For PwC and Fenergo, the future is one where financial services use the best people and digitally-enabled solutions to deliver the best customer journey. This collaboration makes that future, today."

Julian Clarke, Head of Partners and Alliances at Fenergo, said:

"The impact that the increasing regulatory landscape is having on financial institutions is significant. Not only is it making the onboarding and managing of clients more difficult, it's also having a cost implication – both from an operational perspective to ensure that they're compliant but also in fines. PwC developing new services based on the Fenergo platform makes it even easier for financial institutions to streamline KYC compliance and benefit economically.

"By working with PwC, financial institutions can mutualise the cost and pressure that they're under whilst also improving the experience for their customers. We're focused on collaborations that make sure that financial crime doesn't impede financial institutions. The alliance with PwC is a hugely important part of that ecosystem."

To discover more about Fenergo's partner ecosystem click here. The new services from PwC are available to financial institutions now.

Notes for editors

As the challenges associated with regulation and financial crime grow, financial institutions are struggling to keep up, with many still using manual processes to manage Know-Your-Customer remediation. Coupled with the ever growing need to drive a frictionless customer experience, many are in danger of falling foul of regulatory bodies, criminals and a loss of customers if they don't streamline and speed up their onboarding processes. 

About PwC (www.pwc.co.uk)

At PwC, our purpose is to build trust in society and solve important problems. We're a network of firms in 158 countries with over 250,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.

About Fenergo (www.fenergo.com)

Fenergo is the digital enabler of client and regulatory technology for financial services. It provides digital 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 70+ 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.

SOURCE Fenergo