BBVA adopts Fenergo compliance tech
14 March 2017 | 3001 views | 0
Fenergo, the leading provider of Client Lifecycle Management software solutions for investment, corporate and private banks, has announced its foray into Spain by providing its flagship software platform to a major European bank to ensure lifecycle compliance with a broad range of global and local regulatory obligations.
Fenergo’s Client Lifecycle Management platform will centralize all client and counterparty data and documentation and allow them to re-use these attributes for a number of different regulatory purposes, eliminating the need to repeatedly source this information from clients. Its Regulatory Rules Engine will ensure that all compliance obligations are identified, actioned and evidenced as quickly as possible. This greatly expedites the rules-driven compliance and subsequent onboarding processes, helping to improve client experience and time to revenue for BBVA.
Under the terms of the agreement, BBVA will deploy Fenergo’s solutions across its Corporate and Investment Banking (CIB) divisions in Europe.
Speaking of its selection of Fenergo, Emma Rey Gállego, BBVA Head of Customer Experience-Onboarding in CIB, said, “Our main ambition is to streamline the end-to-end client lifecycle management process - from onboarding to regulatory compliance to lifecycle reviews - for all of our jurisdictions and to standardize processes and procedures across different divisions. Fenergo will help us to achieve operational efficiencies and improve our customer experience, whilst maintaining the highest level of regulatory compliance across the globe”.
As part of its commitment to future-proof financial institutions against changing regulation, Fenergo offers all its clients a Regulatory Rules Module, which provides for periodic regulatory updates, new product modules for new regulations, enhancements to existing Fenergo best practice approaches, as well as updates to existing regulations and rules logic changes.
According to Greg Casey, Fenergo’s VP of European Sales, “The next 12-18 months are set to test the mettle of many financial institutions in Europe, and indeed across the world, as they grapple with a rising number of new and enhanced regulatory obligations. Regulatory frameworks such as MiFID II, the 5th European Money Laundering Directive and Margin Requirements, to name only a few, will put financial institutions under duress, not only from a regulatory compliance point of view but also from a data, documentation and client experience perspective. With a regulatory and product roadmap agreed by our Client Advisory Board and having implemented in financial institutions across Europe, North America and APAC, Fenergo is ideally positioned to help financial institutions to meet these regulatory deadlines on time, as well as improving operational efficiencies by up to 47% and time to revenue by up to 50%.”