Fenergo e-KYC Connect

What is Fenergo e-KYC Connect?

Fenergo e-KYC Connect is a compliant by design technology that makes the Know Your Customer (KYC) process quicker, easier and more cost-effective.

This sophisticated solution enables financial institutions that participate in a KYC utility to create a complete, verified KYC profile and share it securely between a wider network of collaborating financial institutions, government agencies or utility firms, accelerating the KYC and client onboarding process, thus enhancing the customer experience.

With Fenergo e-KYC Connect, financial institutions can achieve faster, compliant customer onboarding journeys and lifecycle events via shared, verified, up-to-date customer KYC information.

Features and Capabilities of e-KYC Connect:

  • Digital Sign-Up: Customers can sign up to the utility through a self-service portal, providing consent for their information to be shared with other utility members.
  • Digital Data Capture: Fenergo e-KYC Connect provides a digital ID&V solution where customers can securely submit identifying documentation and data to support their onboarding process.
  • Data Integration: Customer data, documents and “consent to share” information are stored securely in an e-KYC master customer record. The solution also supports MDM and DLT systems to centrally store and manage customer e-KYC records, which are only viewable by authorized parties.
  • Regulatory Rules: All customer KYC information and documents are automatically updated to the new client profile in Fenergo Client Lifecycle Management, whereupon Fenergo’s Regulatory Rules Engine will determine the customer risk profile, risk rating and in-scope regulations that pertain to that particular customer.
  • API Integration: Fenergo Client Lifecycle Management integrates with a host of data providers, reducing the need to unnecessarily outreach to customers looking for information.
  • e-KYC Data Sharing: The verified, up to date e-KYC customer record is shared by the e-KYC Utility member FIs, if consent to share is granted by the customer.

THE BENEFITS

  • Greater Regulatory Compliance and Control

    By sharing a unique, trusted KYC data set, financial institutions can hope to re-use 75% of their client and counterparty data across regulatory frameworks e.g. FATCA, CRS, etc

  • Improved Client Experience

    Financial Institutions will be able to better leverage existing document and data assets enabling customers to onboard and transact faster

  • Significant operational efficiencies and cost savings

    Fenergo e-KYC Connect reduce costs by enabling banks to standardize and automate technology, processes, data models and reduce in-efficiencies

  • Reduced operational risk

    Eliminates the risk of manual error from keying and re-keying the same information multiple times, across multiple systems

Fenergo partners with BENEFITfor National e-KYC Utility

Fenergo partners with BENEFIT to create a national e-KYC utility. This blockchain-integrated utility supports more than 380 financial institutions to improve customer experience and drive KYC efficiencies across Bahrain.

Watch Now

Discover Fenergo e-KYC Connect

Brochure

Fenergo e-KYC Connect

Fenergo e-KYC Connect allows financial institution members of a KYC Utility Solution access to shared, verified, up-to-date customer information, enabling them to deliver faster, compliant client onboarding journeys and lifecycle events for their customers.

Download the Brochure
Whitepaper

e-KYC Utilities: A Collaborative Future for Digital KYC & Compliance

Explore the key trends and different technologies underpinning regionally-supported KYC utilities, and discover the key success factors that make some utilities more successful than others.

Download the Whitepaper
TOP