Rules as a Service future-proofs financial institutions against evolving regulatory requirements in a digital era
(February 13, 2019) – Fenergo, the leading provider of digital client life cycle management (CLM) software solutions for financial institutions, today announces Rules as a Service (RaaS), a cloud-based regulatory rules offering. The unique plug-and-play solution will enable financial institutions to easily integrate Fenergo’s award-winning regulatory rules capabilities into their existing digital platforms.
Fenergo’s Rules as a Service is available as an on-demand repository of local and global rules for financial institutions seeking a digital solution for their know your customer (KYC), anti-money laundering (AML) and regulatory requirements across all jurisdictions. This solution, also available on-premise, allows financial firms to focus on improving digital client experiences with the confidence that their regulatory and compliance obligations are adhered to.[i] A recent study by Fenergo showed that the improvement of data and document capture for customer experience is the number one critical issue banks are trying to address. Complying with KYC regulations ranks as the second most critical issue.
Subscribers benefit from Fenergo’s partnerships with best-in-class data integrators and client relationship management (CRM) providers such as Salesforce, while gaining access to its team of regulatory experts, Regulatory Community and monthly forum.
Greg Watson, Global Head of Sales, Fenergo, said: “Banks and financial institutions are undergoing a major shift where the experience their customers receive now takes precedence. Simultaneously, we’re seeing increasing demand for an out-of-the-box rules engine that would complement existing CLM infrastructures. Fenergo’s externally validated Rules as a Service supports financial services providers in complying with regulatory obligations while liberating them to focus on the delivery of optimum customer experiences.”
Hosted on Amazon Web Services, the highly configurable API-enabled rules engine utilizes client data in rules calculations and leverages Fenergo’s market-leading regulatory content. This provides financial firms with a robust, auditable, easily maintained compliance solution, future-proofing them against evolving regulations including KYC, AML, Foreign Accountant Tax Compliance Act (FATCA), Common Reporting Standard (CRS), Securities Financing Transaction Regulation (SFTR), GDPR and MiFID ii.
Sang Lee, Co-Founder and Managing Partner, Aite Group, said: “Financial institutions are under increased pressure to improve customer experiences while at the same time keep up with complex regulatory requirements. Fenergo’s heritage as a leader in regulatory technology makes it perfectly placed to support financial firms in their digital transformation journeys while helping them keep on top of compliance.”
To discover more about Fenergo Rules as a Service, register here for our webinar.
Fenergo is the digital enabler of client and regulatory technology for financial services. It provides digital client life cycle management (CLM) software solutions for financial institutions, including corporate & institutional banking, commercial & retail banking, asset management & asset servicing and 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 life cycle 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.