Fenergo has now launched its remote account opening solution across the EMEA region and in APAC as well. It already has some beta customers in the US. The solution enables quicker digital onboarding of new customers while satisfying all Know Your Customer (KYC), Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) requirements. It launched the same solution last week in the US (more information is included in this article).
Rachel Woolley, Global AML Manager, Fenergo commented: “Industry bodies, including the Financial Action Task Force (FATF) and the European Banking Authority (EBA), have published statements outlining measures that can be implemented to mitigate the risk of financial crime throughout the pandemic. FATF encourages the use of digital onboarding processes, including digital identity and verification measures in line with recently published FATF guidance.
“Hong Kong Monetary Authority (HKMA) and Australian Transaction Reports and Analysis Centre (AUSTRAC) have also published guidance to support financial institutions with compliance obligations, outlining flexible measures that can be implemented and encouraging the use of digital technology to identify and verify customers.
“Meanwhile, the Financial Conduct Authority (FCA) has outlined flexible measures that may be taken in line with a risk-based approach, including the acceptance of scanned documents and ‘selfies’. Our Remote Account Opening solution allows banks to digitally onboard clients in compliance with regulatory guidance, leverage the latest digital technologies and continue to mitigate the risk of financial crime.”
Enterprise Times: What does this mean
With the closure of physical branches, vendors, especially low code vendors are helping to automate processes to ease the burden of new loan opportunities. Fenergo brings an added advantage of delivering additional compliance to the whole solution.
Fenergo says the solution is quick to deploy. However, it is disappointing that existing customers did not wish to quote on the new solution. That may come in time. Certainly, Fenergo are likely to publish some proof points of success in the coming weeks, in the same way, that Pega did a couple of weeks before.