Financial markets data provider Refinitiv announced on Wednesday that it is partnering with Fenergo to speed up client onboarding processes.
A technology provider to the financial services industry, Fenergo helps firms meet regulatory and compliance requirements. The Dublin-based company specializes in customer-related problems that firms face.
Though that may sound like a niche field to be working in, know-your-customer (KYC) and anti-money laundering (AML) regulations are stringent in today’s world, particularly for financial institutions.
Thus, it’s unsurprising that Fenergo has managed to expand and open up offices across the globe, including in countries such as Australia, Singapore, the US, and the UK.
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“Financial institutions face increasingly stringent global regulatory obligations, which demand the collection, processing and remittance of more client and counterparty data than ever before,” said Phil Cotter, managing director of risk at Refinitiv.
Partners in KYC
Refinitiv also offers a set of KYC/AML tools to its clients. And it’s one of these solutions, World-Check One, that Fenergo will be integrating with.
According to a statement released by the two firms, the deal will allow firms to have a better overview of the acceptance or rejection of changes, report on governance status, sign-offs, and supporting attachments.
“In partnering with Refinitiv, we can automate data collection bringing huge efficiencies to client onboarding and account opening processes, increasing time to revenue and reducing client outreaches,” said Marc Murphy, Fenergo’s chief executive officer.
“Our complimentary solutions enable the shift from time-based client KYC reviews to a perpetual and continuous KYC review model.”