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.
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
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
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
CLIENTS WHO TRUSTOUR SOFTWARE SOLUTIONS
We chose Fenergo’s solutions because they will enable us to meet the increasing complex regulatory frameworks with an efficient and client-centric onboarding experience.
John Healy Managing Director, Head of Capital Markets Operations, SunTrust Robinson Humphrey
Our strategy is based around serving our clients’ needs, and our internal agility is central in this respect. By enhancing our processes through digital systems such as Fenergo’s CLM platform, we aim to provide the best possible experience, and ultimately the best possible financial solutions to our clients.
Marc Vincent Global Head of Corporate & Investment Banking, Natixis
Fenergo’s Regulatory Onboarding solution provides us with an additional level of flexibility and enhances our ability to prioritize our compliance initiatives.
Erica Benjamin Managing Director for Client Onboarding, BMO Capital Markets
We chose Fenergo to support regulatory onboarding across our Global Banking and Markets division. We wanted a solution that would support an efficient onboarding experience for all of our customers.
Nicola Ray Smith Managing Director, Global Capital Markets, Scotiabank
Our main ambition is to streamline the end-to-end client lifecycle management process – from onboarding to regulatory compliance to lifecycle reviews – for all of our jurisdictions and to standardize processes and procedures across different divisions. Fenergo will help us to achieve operational efficiencies and improve our customer experience, whilst maintaining the highest level of regulatory compliance across the globe
Emma Rey Gállego Head of Customer Experience-Onboarding in CIB, BBVA
We selected Fenergo’s Client Lifecycle Management software to enable us to manage the CDD / KYC processes from client onboarding to client off-boarding and all the KYC / CDD compliance and lifecycle events (periodic and event-driven reviews) that occur in between. A core part of our business transformation program will involve creating an internal centralized KYC target operating model that will help us to simultaneously improve the client experience and reduce the cost impact of the regulatory KYC activities. Fenergo is the technology platform that will underpin this initiative.
Helène Erftemeijer Bank-wide responsibility for CDD, client master administration and regulations, ABN AMRO
Can e-KYC Utilities Solve the Compliance Challenge?
Niall Twomey, Chief Technology Officer
Fenergo Deploys On Demand Regulatory Rules