Fenergo Enhances Regulatory Compliance Engine

Fenergo, the Dublin-based financial services operations software company, has upgraded its rules engine, allowing interfaces with more application servers

 

 

Fenergo, the Dublin-based financial services operations software company, has upgraded its rules engine, allowing interfaces with more application servers

Dublin-based Fenergo, which offers solutions aimed at helping financial institutions with the end-to-end onboarding process, has released enhancements to its rules engine for regulatory requirements.

The product is available bolted on to Fenergo's client lifecycle management and regulatory onboarding solution, or as a standalone that clients can integrate with existing in-house or third party onboarding, business process management (BPM) and know-your-customer (KYC) solutions.

Joe Dunphy, Fenergo's vice president of product management, says that traditional BPM products are not built to handle the complexity of the current regulatory landscape.

"If you look at over-the-counter derivatives regulations, for example; they take into account hugely complex rules around product types, client types and booking entities, and then the lower level detail about these clients and all the various permutations of hundreds of factors that can drive low-level compliance or non-compliance - and that's just for one regulation.

"Add that to trying to compare and drive the delta of new KYC or document requirements against the 15 other jurisdictions the client has a relationship with, and it becomes more than traditional BPM rules capability can handle. That's the driver behind having the rules engine available as a standalone product."

The enhancements to the engine allow clients to interface with enterprise edition application servers, such as Apache Tomcat, IBM WebSphere and Oracle Weblogic.

The engine enables financial institutions to comply with a wide range of existing and evolving regulatory frameworks, including anti-money laundering and KYC regulations, and a growing number of newer ones, such as the Foreign Account Tax Compliance Act.

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Fenergo Enhances Regulatory Compliance Engine

Fenergo, the Dublin-based financial services operations software company, has upgraded its rules engine, allowing interfaces with more application servers

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