ABN Amro selects Fenergo to support KYC
23 May 2017 | 3103 views | 0
Fenergo has today announced that ABN AMRO has selected its award-winning Client Lifecycle Management software platform to support its CDD / KYC target operating model and business transformation strategy.
The third largest bank in the Netherlands will roll-out the Fenergo Client Lifecycle Management platform across its Commercial, Corporate & Investment, Retail and Private Banking business lines.
The Fenergo solution will support an enterprise-wide business transformation strategy currently being undertaken by the European bank. The CDD / KYC target operating model involves transformation to central CDD / KYC processes and units to support and facilitate Front Office and Compliance teams.
According to Helène Erftemeijer, who has bank-wide responsibility for CDD, client master administration and regulations with ABN AMRO, “We selected Fenergo’s Client Lifecycle Management software to enable us to manage the CDD / KYC processes from client onboarding to client off-boarding and all the KYC / CDD compliance and lifecycle events (periodic and event-driven reviews) that occur in between. A core part of our business transformation program will involve creating an internal centralized KYC target operating model that will help us to simultaneously improve the client experience and reduce the cost impact of the regulatory KYC activities. Fenergo is the technology platform that will underpin this initiative”.
Speaking on the announcement, Marc Murphy, CEO of Fenergo, said, “I am excited to announce ABN AMRO to our growing client base. Over the last few weeks, Fenergo has closed deals with 10 financial institutions across Europe, APAC and the Americas. The reason is simple: banks are looking for a trusted technology partner to help them transform their business processes to create a superior client experience, whilst delivering key time, cost and headcount efficiencies across their data, compliance and front office operations. As the clear global standard for Client Lifecycle Management solutions, Fenergo is at the forefront in helping global banks to undertake and succeed in their business and digital transformation programs”.
As part of its Client Lifecycle Management platform, Fenergo’s Regulatory Rules Engine will ensure continued regulatory compliance with existing, new and changing regulations. Its Client & Counterparty Data Management module will efficiently manage the capture, storage and presentation of all legal entity / individual party master data, hierarchies and relationships. This solution is specifically designed to enhance user and client experience by re-using existing data and documentation easily. Its Data Integration Manager will consume, process and route data automatically from multiple data providers and KYC utilities, saving significant time and effort, while its sophisticated Workflow Management tool will help to efficiently manage the orchestration of the client / legal entity throughout the lifecycle process.
Greg Casey, VP Sales for Europe, commented, “The global regulatory environment continues to evolve at an unrelenting pace, changing the rules and increasing the obligations and demands for financial institutions to comply. Fenergo’s Client Lifecycle Management platform will enable ABN AMRO to future-proof their businesses against rising regulatory demands and costs. By joining the Fenergo family of clients, ABN AMRO will join a growing and active community of forward-thinking financial institutions that are forging the way forward to a new industry standard”.