Rules as a Service future-proofs financial institutions against evolving regulatory requirements in a digital era
13 February 2019 - Fenergo, the leading provider of digital Client Lifecycle 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. 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.