Fenergo launches KYC and transaction compliance solution
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Fenergo launches KYC and transaction compliance solution 07 June 2023UK Reporter: Lucy Carter
Image: Ratana21/stock.adobe.com
Know your customer (KYC) and client management lifecycle (CLM) solutions provider Fenergo has launched KYC & Transaction Compliance, a new product designed for fintechs.
The software-as-a-service solution allows clients to monitor customer profiles and detect suspicious transaction activity on a real-time basis, with data available through a single, integrated platform. Connecting KYC and transaction data in this way removes silos resulting from the use of multiple monitoring tools.
Customer profiles are continuously updated with information from entity data providers and screening providers, with insights from the transaction monitoring system refreshing customer profiles, triggering enhanced due diligence checks and adjusting risk ratings.
The platform takes data from key sources such as screening and data providers, with low-latency AI technology analysing complex historical transaction data and flagging suspicious activity. This reduces false positives and will save users both time and money, Fenergo says, while ensuring that firms are complying with regulatory requirements.
Christian Roberts, vice president of product at Fenergo, says: “Driven by mounting regulatory pressure and the prevalence of increasingly sophisticated financial crime, we are 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.
“Our offering allows fintechs to reap the operational benefits of Fenergo’s industry-leading KYC solution, with AI-driven transaction analysis enabling smarter, real-time transaction compliance.”
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