Cloud-based solution delivers remote account opening across the APAC region
SINGAPORE, HONG KONG, SYDNEY and TOKYO, April 27, 2020 /PRNewswire/ -- Fenergo, the leading provider of digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions, today announces the launch of its cloud-based digital Remote Account Opening (RAO) solution enabling businesses and individuals in the APAC region to open bank accounts and access financial services remotely.
Available today this cloud solution can be rapidly deployed to allow banks to digitally onboard new customers, while satisfying all Know Your Customer (KYC), Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) requirements, thus reducing the time to onboard, lowering the total cost of ownership and eliminating the need for customers to visit bank branches during the current crisis.
"Businesses across the region should not be delayed in opening accounts or accessing emergency funding. In the current circumstances where physical branches are closed and customers aren't able to attend in-person meetings, it has never been more important to have a digital-first strategy that facilitates remote account opening. Our Remote Account Opening solution makes this possible," said Greg Watson, Head of APAC, Fenergo.
"Industry bodies and regulatory authorities have published statements outlining measures that can be implemented to mitigate the risk of financial crime throughout the pandemic. The Financial Action Task Force (FATF) encourages the use of digital onboarding processes, including digital identity and verification measures in line with recently published FATF guidance. The Hong Kong Monetary Authority (HKMA) and Australian Transaction Reports and Analysis Centre (AUSTRAC) have also published guidance to support financial institutions with compliance obligations, outlining flexible measures that can be implemented and encouraging the use of digital technology to identify and verify customers. Our Remote Account Opening solution allows banks to digitally onboard clients in compliance with regulatory guidance, leverage the latest digital technologies and continue to mitigate the risk of financial crime," said Rachel Woolley, Global AML Manager, Fenergo.
Fenergo's remote account opening solution is a pre-configured digital service that seamlessly integrates with a bank's existing account opening process. It delivers front to back KYC, AML and CFT rules automation and screening. It transforms compliance and offers:
- Pre-configured automated regulatory rules engine and associated workflows
- Digital, dynamic collection of required data and documents (ID and Verification), and automated screening for AML due diligence processes
- Plug and play account opening and client onboarding functionality with API connectivity to enhance existing digital channels and capitalize on previous investments
Fenergo is the leader in KYC and AML digitalization and automation. Its unique regulatory heritage and mutualised community approach to compliance allows it to rapidly develop this proposition. Fenergo's global partnerships with firms such as Salesforce, DXC Technology and AWS allow the company to digitally deliver its systems and services around the world, and to integrate seamlessly into any bank's eco-system.
Fenergo is the digital enabler of client and regulatory technology for financial services. It provides digital transformation, client journey and Client Lifecycle Management (CLM) software solutions for Financial Institutions including Corporate & Institutional Banking, Commercial & Retail Banking, Asset Management & Asset Servicing, Private Banking & Wealth Management. Counting 80+ global Financial Institutions as clients, its award-winning CLM suite digitally transforms how Financial Institutions manage clients; from initial onboarding to KYC/AML and regulatory compliance, to data management and ongoing lifecycle KYC reviews and refreshes. Fenergo CLM empowers financial institutions to deliver a faster, compliant and digital customer experience while achieving a single client view across channels, products, business lines and jurisdictions.
Fenergo is quickly becoming the KYC backbone for banks, where a common set of Fenergo KYC services are being leveraged across the bank agnostic of business vertical, product, jurisdiction or client type. This backbone trades increasing complexity for well-designed simplicity.
Fenergo's community-based approach to product development allows clients to collaborate on solution design on a global scale. Its rules-driven solution ensures compliance with multiple global and local regulatory frameworks including AML, KYC, SFTR, Tax (CRS, FATCA, 871M), OTC Derivatives (EMIR, Dodd-Frank, MiFID II, Margin Requirements) and data privacy rules (GDPR). It supports the collection, centralization and sharing of client and counterparty data and documentation across the institution and deploys an API-first approach to advanced integration with a host of external KYC, AML and entity data providers, KYC and industry utilities. The solution is underpinned by next generation Artificial Intelligence, Robotics Process Automation and Machine Learning technologies, using advanced OCR and NLP capabilities to extract information, expedite compliance and improve operational efficiencies.