Fenergo unveils real-time KYC & Transaction Compliance solution

Fenergo unveils real-time KYC & Transaction Compliance solution

Fenergo, globally recognised for its cutting-edge client lifecycle management (CLM) solutions, has taken a significant step forward by launching its latest product, KYC & Transaction Compliance.

Based in Dublin, Ireland, and with a global presence in regions such as North America, the UK, Poland, Spain, South Africa, Asia Pacific, and the United Arab Emirates, Fenergo has a strong reputation for future-proofing financial institutions against regulatory changes across 120+ jurisdictions.

The impetus behind the KYC & Transaction Compliance product is to empower FinTechs with real-time, on-demand customer intelligence, considerably accelerating their ability to leverage powerful insights amidst rising regulatory demands.

Fenergo specialises in digitising client onboarding and management processes for financial institutions, asset management firms, and FinTech companies. Their software automates regulatory compliance and facilitates continuous transaction monitoring throughout the client lifecycle, thereby offering efficient and seamless client lifecycle management.

The newly launched product further enhances Fenergo’s portfolio, underscoring its industry expertise and commitment to delivering best-in-class regulatory solutions.

The KYC & Transaction Compliance solution offers FinTech firms a comprehensive, integrated software-as-a-service (SaaS) product that facilitates continuous monitoring of customer profiles and detects suspicious transaction activities. By connecting KYC and transaction data, the product eliminates siloes across various monitoring tools, providing a holistic, 360-degree view of each customer profile. It also ensures customer profiles stay updated instantaneously, enhancing efficiency and compliance.

Additional features of the product include the use of a single API to draw data from multiple sources. This enables powerful, low-latency AI technology to rapidly analyse complex historical transaction data and flag suspicious activity. It significantly reduces false positives, resulting in substantial time and cost savings for FinTech firms.

The solution also suggests threshold changes and predicts transaction rankings based on the likelihood of true and false positives using previous data, ensuring compliance with evolving regional anti-money laundering (AML) regulations.

Among the first to adopt Fenergo’s new solution is Shieldpay, a market leader in facilitating high value, complex business-to-business payment transactions within the legal and professional services sectors.

The product was officially launched at Money20/20 Europe, a top-tier global conference series centred on the future of money, payments, and FinTech.

Fenergo Vice President of Product Christian Roberts said, “Driven by mounting regulatory pressure and the prevalence of increasingly sophisticated financial crime, we’re hearing a massive demand from our fintech client community for next-gen transaction monitoring solutions that can provide the critical customer insights needed to be compliant at a more regular cadence than bi-yearly or quarterly benchmark reports, which is mainly what the industry has offered to date.

“We wanted to take immediate action to meet this need, and of course, the best way to protect against smarter crime is to deploy even smarter tech.”

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