Dublin-based RegTech Fenergo is launching new product Digital KYC to empower financial services firms to automatically comply with know your customer (KYC) rules.
Fenergo’s Digital KYC solution delivers a risk-based approach to ongoing KYC to increase operational efficiency, lower the cost of compliance, achieve regulatory certainty and optimise client experiences.
The API-enabled solution compliments a financial institution’s existing CLM suite by automating continuous customer due diligence (CDD) reviews for low to medium-risk clients.
Greg Watson, global head of corporate an institutional banking at Fenergo, said, “In today’s increasingly complex regulatory environment with heightened scrutiny, financial institutions shoulder the burden of highly manual KYC checks performed on an ad-hoc basis. Not only is this time consuming and costly, it leaves financial institutions open to risk. By listening to our client community, we have created a digital KYC solution that replaces error-prone processes with automation, digitalising client journeys while fulfilling regulatory obligations.”
RegTech businesses developing KYC solutions attracted 34.5% of all RegTech investments between 2014 and 2018, according to RegTech Analyst’s data.
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