Partnership enables customers to streamline KYC and AML compliance in fight against financial crime
(May 15, 2019) – Facilitating the flow of legal entity and counterparty information between banks and data providers to counteract financial crime, bribery and corruption is critical. Fenergo, the leading provider of digital Client Lifecycle Management (CLM) software solutions, has partnered with Refinitiv, global provider of financial markets data and infrastructure, to enable customers to more efficiently identify risk.
Fenergo’s API integration with Refinitiv’s World-Check One allows financial institutions to streamline know your customer (KYC) verification and anti-money laundering (AML) screening via a user-friendly interface. According to a Fenergo survey, 81% of C-suite executives at banks agree that information gathering and managing increasing volumes of client data lengthens compliance and onboarding, negatively effecting customer experience[1]. Just 15%[2] have automated the collection of data. Addressing this burden, Fenergo and Refinitiv’s combined offering reduces the need for repeated customer outreaches for information, enabling financial firms to streamline customer due diligence (CDD) and focus on optimising customer experiences.
Fenergo’s integration of World-Check One allows customers to quickly identify potential risks and respond to threats across the entire enterprise. It also allows users to create and maintain a model inventory and a clear evidence trail of the acceptance or rejection of changes, report on governance status, sign-offs, supporting attachments and related issues all from a single platform.
“Financial institutions face increasingly stringent global regulatory obligations, which demand the collection, processing and remittance of more client and counterparty data than ever before. Through the combination of Fenergo’s market-leading CLM solution and Refinitiv’s World-Check One, financial institutions can better manage increasing amounts of regulation that require them to collect more data and documentation from clients,” said Phil Cotter, Managing Director of Risk at Refinitiv.
Marc Murphy, CEO of Fenergo, said: “In partnering with Refinitiv, we can automate data collection bringing huge efficiencies to client onboarding and account opening processes, increasing time to revenue and reducing client outreaches. Our complimentary solutions enable the shift from time-based client KYC reviews to a perpetual and continuous KYC review model.”
“Our clients require robust onboarding systems that help them become disruptive. Refinitiv is a key addition to our partner ecosystem, ensuring we can create a seamless solution that will drive operational efficiencies and improve customer experiences,” said Julian Clarke, Global Head of Partnerships at Fenergo.
About Fenergo
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’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. For more information visit: www.Fenergo.com
About Refinitiv
Refinitiv is one of the world’s largest providers of financial markets data and infrastructure, serving over 40,000 institutions in over 190 countries. It provides leading data and insights, trading platforms, and open data and technology platforms that connect a thriving global financial markets community – driving performance in trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime. For more information visit: www.Refinitiv.com
[1]Fenergo, The Cost of Poor CX
Partnership enables customers to streamline KYC and AML compliance in fight against financial crime
(May 15, 2019) – Facilitating the flow of legal entity and counterparty information between banks and data providers to counteract financial crime, bribery and corruption is critical. Fenergo, the leading provider of digital Client Lifecycle Management (CLM) software solutions, has partnered with Refinitiv, global provider of financial markets data and infrastructure, to enable customers to more efficiently identify risk.
Fenergo’s API integration with Refinitiv’s World-Check One allows financial institutions to streamline know your customer (KYC) verification and anti-money laundering (AML) screening via a user-friendly interface. According to a Fenergo survey, 81% of C-suite executives at banks agree that information gathering and managing increasing volumes of client data lengthens compliance and onboarding, negatively effecting customer experience[1]. Just 15%[2] have automated the collection of data. Addressing this burden, Fenergo and Refinitiv’s combined offering reduces the need for repeated customer outreaches for information, enabling financial firms to streamline customer due diligence (CDD) and focus on optimising customer experiences.
Fenergo’s integration of World-Check One allows customers to quickly identify potential risks and respond to threats across the entire enterprise. It also allows users to create and maintain a model inventory and a clear evidence trail of the acceptance or rejection of changes, report on governance status, sign-offs, supporting attachments and related issues all from a single platform.
“Financial institutions face increasingly stringent global regulatory obligations, which demand the collection, processing and remittance of more client and counterparty data than ever before. Through the combination of Fenergo’s market-leading CLM solution and Refinitiv’s World-Check One, financial institutions can better manage increasing amounts of regulation that require them to collect more data and documentation from clients,” said Phil Cotter, Managing Director of Risk at Refinitiv.
Marc Murphy, CEO of Fenergo, said: “In partnering with Refinitiv, we can automate data collection bringing huge efficiencies to client onboarding and account opening processes, increasing time to revenue and reducing client outreaches. Our complimentary solutions enable the shift from time-based client KYC reviews to a perpetual and continuous KYC review model.”
“Our clients require robust onboarding systems that help them become disruptive. Refinitiv is a key addition to our partner ecosystem, ensuring we can create a seamless solution that will drive operational efficiencies and improve customer experiences,” said Julian Clarke, Global Head of Partnerships at Fenergo.
About Fenergo
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’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. For more information visit: www.Fenergo.com
About Refinitiv
Refinitiv is one of the world’s largest providers of financial markets data and infrastructure, serving over 40,000 institutions in over 190 countries. It provides leading data and insights, trading platforms, and open data and technology platforms that connect a thriving global financial markets community – driving performance in trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime. For more information visit: www.Refinitiv.com
[1]Fenergo, The Cost of Poor CX
