Blockchain-integrated utility will support more than 380 financial institutions to improve customer experience and drive KYC efficiencies across Bahrain.
Fenergo, a leading provider of digital Client Lifecycle Management (CLM) solutions for financial institutions, today announces that it will be working with Bahrain’s Electronic Network for Financial Transactions (BENEFIT) in designing and implementing the world’s first national Know Your Customer (KYC) utility that incorporates blockchain technology. The utility platform will support sectors including retail and corporate banking, asset management as well as insurance and telecommunications in the future. Fenergo deployed the first phase of the eKYC project in just four weeks.
Financial institutions that subscribe to BENEFIT can instantly complete KYC and Anti-Money Laundering (AML) compliance procedures when onboarding new individual and corporate customers through the Fenergo-powered eKYC hub and rules engine utilising blockchain. The centralisation of customer data removes the need for duplicate requests for information, enabling financial institutions to onboard new customers and products swiftly and seamlessly. The elimination of manual processes reduces costs and improves operational efficiencies, ultimately optimising customer experiences.
The Fenergo API-first solution enables financial institutions to verify customer identity via biometric identity and verification (ID&V) technology which links to Bahrain national identity card data before instantly connecting to the eKYC hub. This will prompt Fenergo’s rules engine to determine the required KYC and AML data and documentation for customer due diligence (CDD) as subscribed by Central Bank of Bahrain. Once the customer is quickly and successfully onboarded, Fenergo will write data attestations to the blockchain for reuse by other financial institutions within the Bahrain ecosystem.
On this occasion, BENEFIT’s Chief Executive Officer Abdulwahed AlJanahi said,
"BENEFIT is committed to supporting financial institutions on their journey to digital transformation. By partnering with disruptive technology companies like Fenergo, we can deliver on our promise to help financial firms streamline and simplify the collection and management of customer data, improving customer experiences and minimising fraud.”
Marc Murphy, CEO, Fenergo:
“Regulatory mandated KYC utilities represent a massive opportunity to enable significant efficiency, improve customer experience and help drive regulatory certainty. In a digital economy, where open banking and customer choice are at the forefront, making the KYC process digital is a huge enabler for any digital transformation initiative. At Fenergo, we are honoured to partner with BENEFIT and the Bahrain regulator to deliver the KYC technology of the future.”
Fenergo is developing the cloud-based utility as part of an initiative mandated by the Central Bank of Bahrain (CBB) to enable financial institutions to seamlessly perform CDD checks for enhanced customer experiences and regulatory certainty. The initiative is part of a wider Government scheme, Economic Vision 2030, to improve the Kingdom’s economy.
Fenergo is the digital enabler of client and regulatory technology for financial services. It provides Client Lifecycle Management (CLM) software solutions for Financial Institutions including; Corporate & Institutional Banking, Commercial & Retail Banking, Asset Management, 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, 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.
The BENEFIT Company celebrates over two decades of value added services that have played a critical role in shaping Bahrain’s business friendly credentials and as an acknowledged economic powerhouse. It was formed with strong values that have enabled the organization to support not just the banking and financial services sector but also the governmental, corporate and the general public in delivering reliable fintech products and services. BENEFIT remains committed towards providing ease, convenience and speed to both business processes and financial transactions. This will enable Bahrain’s financial sector to seamlessly connect with customers spread across diverse geographical base, enriching business relationships and boosting interactions with member banks and other stakeholders. As provider of one of the most sophisticated tools for all electronic financial transactions throughout the kingdom, BENEFIT’s road to success has been paved by a combination of skilled workforce, cutting edge technology, focused strategic planning and initiatives, and a determination to provide the most advanced financial service for those residing in Kingdom of Bahrain. BENEFIT was established in November 1997 by 17 commercial banks as the National ATM and Point of Sale switch of Bahrain. It was initially licensed by the Central Bank of Bahrain (CBB) to be ‘the provider of ancillary services for the financial sector,’ and soon expanded to cover markets outside Bahrain. The company’s mandate was very simple – to improve, to enhance and to enable the local and regional financial industry to thrive on a global scale. BENEFIT remains committed to strengthen Bahrain’s position as the financial hub of the region. Hence, the company continues to provide robust infrastructural support for the financial industry – enabling the financial and banking community to remain true to their vision and develop an environment that helps customers in achieving their goals.
At the heart of BENEFIT’s success story is the quality of its workforce that have enabled the company to be at the leading edge of all fintech initiatives in the Kingdom of Bahrain and beyond. BENEFIT recognizes the importance of investing in its employees and helping them to be professional achievers.