Fenergo Launches Fen-Xcelerate, A SaaS Client Lifecycle Management Solution for Mid-Sized & Boutique Financial Institutions

News provided by

Fenergo

17 Jun, 2020, 09:00 GMT

Fen-Xcelerate delivers rapid, end-to-end, digital account opening and frictionless customer journeys in 6-12 weeks

DUBLIN, NEW YORK and SINGAPORE, June 17, 2020 /PRNewswire/ -- Fenergo, the leading provider of digital transformation and client lifecycle management (CLM) technology, today announces the launch of Fen-Xcelerate, a lower cost, cloud-based version of Fenergo's CLM solution, tailored specifically to mid-tier and boutique commercial, business and retail banks seeking to accelerate digital transformation.

The cloud-based solution, powered by Amazon Web Services (AWS), delivers frictionless, end-to-end customer journeys and client lifecycle management on a single platform.

Fen-Xcelerate's unique ecosystem is comprised of out-of-the-box, best-of-breed integrations with partners including Salesforce, Refinitiv's World-Check One, RDC, and DocuSign. The solution also supports integration with transaction monitoring services, Fenergo's own customer-facing portal and core banking systems, amongst others.  

Many mid-tier commercial, business and retail banks lack the technology required to offer digital services and open accounts remotely, while being able to meet regulatory obligations and detect financial crime. Validated by the industry, Fen-Xcelerate can be quickly deployed to digitalize account opening while delivering a seamless customer experience and regulatory compliance across 100+ jurisdictions.

James Follette, Global Head of Commercial, Business & Retail Banking, Fenergo, said: "With Fen-Xcelerate, mid-tier and boutique banks can benefit from Fenergo's deep financial services heritage and best-in-class customer relationship management (CRM), data, screening and ID&V integrations in one solution. By leveraging Fen-Xcelerate the goal posts for digitalization within these banks could move from 18 months to just weeks."

Adam Kupperman, Global Head of Partnerships, RDC, said: "The ability for such banks to incorporate market leading risk screening, transaction monitoring, ID&V and information solutions is a challenge, as most do not desire to integrate standalone solutions, plug them independently into their technology stack and try to make the whole ecosystem operate seamlessly together. The beauty of Fen-Xcelerate is that Fenergo provides customers with a seamlessly integrated platform for Know Your Customer (KYC) and Anti-Money Laundering (AML) processes, including RDC's best-in-class customer and third-party risk screening capabilities."

Fen-Xcelerate is pre-configured to greatly reduce implementation costs and deliver the following benefits:

  • Rapid deployment with limited configuration in 6-12 weeks 
  • Faster digital account opening and customer journey management
  • Improved operational efficiencies and frictionless customer journeys
  • Streamlined AML, KYC, Counter Terrorist Financing (CTF) compliance
  • Ability to manage risk by exception for straight through processing, serving customers faster
  • Over 300% ROI in three years[1]
  • Access to Fenergo's community of global banks and regulators

Key features are as follows:

  • Fully managed cloud service in partnership with AWS
  • One consolidated solution for digital transformation
  • Industry-validated rules engine covering regulations in 100+ jurisdictions
  • Centralized data and document management 
  • Option to add additional integration modules, such as transaction monitoring
  • Automated KYC, AML, CTF compliance 

Fenergo has been recently certified as an AWS Financial Services Competency Partner. For more information on Fenergo's partner ecosystem which includes IBM, Salesforce, Accenture, PWC, Cap Gemini, DXC Technology and Luxoft, amongst others, click here.  

About Fenergo 

Fenergo is the leading provider of digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions. Its software digitally transforms and streamlines end-to-end CLM processes - from regulatory onboarding, data integration, client and counterparty data management, client lifecycle reviews and remediation, all the way to client offboarding. Fenergo is recognized for its in-depth financial services and regulatory expertise (from a team of over 30 global regulatory specialists), community-based approach to product development and out-of-the-box rules engine which ensures financial institutions are future-proofed against evolving Know Your Customer (KYC), Anti-Money-Laundering (AML), tax and OTC derivatives-based regulations across 100 jurisdictions. Fenergo recently expanded into new markets including asset and wealth management, private, retail, business and commercial banking and has over 80 global clients. The solution is underpinned by Artificial Intelligence, Robotics Process Automation and Machine Learning technologies, using advanced OCR and NLP capabilities to extract information, expedite compliance and improve operational efficiencies.

[1] subject to no customization