Fenergo reveals new cloud-based onboarding and anti-money laundering solution

FinTech Fenergo has unveiled a new cloud-based remote account opening solution ahead of schedule in order to assist US small businesses in accessing PPP emergency loans.

The provider of digital transformation, customer journey and client lifecycle management’s new plug-and-play solution is designed to empower US business and commercial banks to digitally onboard new clients, while digitally satisfying know your customer (KYC), anti-money laundering (AML) and Bank Secrecy Act (BSA) requirements.

As a plus, it does so at the same time as it is reducing the time to onboard and rapidly process new PPP loan applications.

“Now is not the time for small businesses across the United States to be struggling to access desperately needed funding,” said James Follette, global head of commercial, business and retail banking at Fenergo. “Building on our KYC, AML and BSA heritage and expertise, we were able to rapidly extend our system to accommodate the KYC, AML and screening challenges presented by the PPP loan application process.

“In these unprecedented times when physical branches are mostly closed, this new digital-only proposition helps US business and commercial banks with their ability to rapidly onboard new customers and open accounts remotely, and deliver much needed SBA-approved funding.”

Rachel Woolley, global AML manager at Fenergo, added, “Many US banks are unable to offer services to new small business customers in a timely manner due to the complex and challenging nature of BSA rules and obligations. The Financial Crimes Enforcement Network (FinCEN) has published PPP FAQs, clarifying the obligations when providing loans to new versus existing customers.

“Whilst lenders are not required to re-verify existing customers, they must obtain beneficial ownership information and satisfy BSA requirements for new clients. As a result, many small businesses may be disproportionately impacted as the onboarding process may slow down their access to critical funding. Fenergo’s proposition provides banks with the ability to remotely onboard new business clients and still meet those essential compliance requirements.”

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