Client lifecycle management technology specialist Fenergo announced a strategic partnership with another regtech innovator, Arachnys, this week. The agreement will integrate Arachnys’ due diligence research and management solution within Fenergo’s end-to-end on boarding workflow. The combination of Arachnys search, audit trail, and reporting functionality with Fenergo’s regulatory rules and risk scoring engine will give FIs a comprehensive KYC and CLM solution. Investment, corporate, and private banks alike will benefit from an integrated audit trail, automated periodic review, and accelerated on boarding and compliance for businesses.

Fenergo CEO Marc Murphy called partnerships like this “key” to his company’s ability to expand and better serve its clients. Adding that “our community is seeking to deploy new technologies for automating regulatory compliance,” Murphy praised Arachnys’s use of robotics for investigative processes in particular as “cutting edge.”

“We are delighted to partner with Fenergo to improve the visibility and tracking of due diligence processes across the customer risk lifecycle, eliminating the need to work across multiple systems,” said Arachnys president Ed Sander. “The harmony between Fenergo’s rules engine and Arachnys’s search, audit trail and reporting techniques will convert compliance into an accelerator for top line revenue.”

Founded in 2009 and headquartered in Dublin, Ireland, Fenergo demonstrated its Deal Manager client on boarding and account opening solution at FinovateEurope 2012. More recently, the company partnered with BNP Paribas to deploy its Client Lifecycle Management solution, and teamed up with compliance and risk management solutions provider Opus to improve integration of risk relevant data in the KYC process. In December, the company was recognized by Chartis RiskTech100 as the only CLM provider in the top 40 of the world’s major risk and compliance technology companies.

Fenergo has raised more than $80 million in funding. The company includes Ulster Bank Diageo Venture Fund, Aquiline Capital Partners, Insight Venture Partners, and Investec among its investors.

Client lifecycle management (CLM) software vendor Fenergo has landed a deal with Santander Global Corporate Banking to revamp its client onboarding process, reports Tanya Andreasyan of Banking Technology (Finovate’s sister publication).

Fenergo CLM will be rolled out to Santander’s operations in Europe, Asia, and the Americas, across multiple business lines. The first site will be in the UK, the vendor said.

“We selected Fenergo CLM as part of a global internal transformation and re-organisation programme,” explained José Muñoz, global head of operations at Santander Global Corporate Banking.

The programme, he said, is “designed to streamline processes and integrate once disparate systems to create a single source of client data and a seamless and well-orchestrated client onboarding journey”.

Fenergo CEO Marc Murphy demonstrating new customer onboarding and account opening technology at FinovateEurope 2012.

Fenergo said its “enterprise platform” can do just that as it supports “the end-to-end client lifecycle journey from initial client onboarding to KYC/AML and regulatory compliance, to client data/documentation management and regular and event-driven KYC reviews & remediation, all the way through to client off boarding”. It is suitable for corporate, investment, and private banks.

“For us, it’s about making the technology work to generate greater ROI (return on investment) and improved TCO (total cost of ownership),” stated Fenergo CEO Marc Murphy.

The company showcased some stats to support this statement, saying that by automating the CLM process, its technology enables banks to:

• onboard clients up to 82% faster than a manual process and improve time to revenue by up to 40%;
• reduce the cost of onboarding by up to 93% and enable banks to onboard double the number of clients;
• reduce TCO for compliance and KYC reviews by up to 60%.

Founded in 2009 and headquartered in Dublin, Ireland, Fenergo demonstrated its Deal Manager onboarding and account opening solution at FinovateEurope 2012. The company has raised more than $80 million in funding, and includes Ulster Bank Diageo Venture Fund, Investec, Insight Venture Partners, and Aquiline Capital Partners among its investors.