Fenergo Spearheads KYC Utilities Efficiency Drive and Reduces Cost of Compliance
Key takeaways
- Fenergo launched e-KYC Connect, a solution enabling financial institutions to maximise the efficiency of KYC utility services.
- A component of Fenergo's Digital Client Orchestration, it lets subscribing institutions instantly share, access and verify standardised customer KYC data.
- The solution provides a self-service portal for customers to upload KYC documents and consent to sharing within a utility network.
- Standardised data allows utility members to reuse verified KYC data to accelerate onboarding, reduce costs and ensure regulatory certainty.
23 January 2020 – Fenergo, the leading provider of digital Client Lifecycle Management solutions (CLM) for financial institutions, today announces the launch of Fenergo e-KYC Connect, a solution which allows financial institutions to maximize the efficiency and economic benefits of know your customer (KYC) utility services. A component of Fenergo’s Digital Client Orchestration solution, e-KYC Connect enables financial institutions which subscribe to a KYC utility to instantly share, access and verify customer KYC data.
Financial institutions were fined $26 billion for KYC and anti-money laundering (AML) compliance breaches in the past decade and prevailing inefficiencies are responsible. Utilities underpinned by a repository of standardized data can address this efficiency challenge by streamlining and expediating the entire KYC compliance process.
With this consistency of data standards, financial institutions and other utility members including Government agencies, can quickly and easily access, share and re-use verified KYC data from the utility to accelerate client onboarding, reduce costs, ensure regulatory certainty while enhancing the customer experience. e-KYC Connect provides a self-service portal for the end customer to upload KYC documents and consent for their data to be shared within a KYC utility network of financial institutions. This single client view allows the customer to quickly and seamlessly purchase a financial product or open an account with other financial institution utility subscribers.
Niall Twomey, Chief Technology Officer, Fenergo:
“KYC utilities in principle should provide huge efficiency gains for consortiums of financial institutions and other organizations but success relies on consistent data standards across all participants. Without standards and best practice, data quality is impaired making verification onerous and costly. All of this has dire consequences for the end customer experience. With Fenergo’s e-KYC Connect, financial institutions that are part of a utility network can lay a solid foundation with high quality, standardized data that can be easily shared by all members of a KYC utility for rapid, frictionless onboarding and regulatory surety.”
