Financial technology firm Fenergo has launched an integrated platform that combines Know Your Customer (KYC) compliance, onboarding and trade request management for energy and commodities trading firms. The platform aims to streamline compliance processes and reduce operational bottlenecks in counterparty onboarding.
The solution includes a trader request portal that enables digital submission of counterparty onboarding and product requests, allowing front office staff to track request status while middle office teams handle KYC requirements, Fenergo said in a news release. The platform is designed to help firms manage complex supply chain relationships while adhering to global sanctions and compliance requirements.
“Similar to financial services, the energy and commodities industry is obliged to adhere to global and domestic sanctions on trade,” said Keith Redmond, chief product officer at Fenergo. “This combination of complexity and manual processes results in huge backlogs for KYC and widescale operational inefficiencies, unnecessary costs and trading bottlenecks.”
