Fenergo Brings its Client Lifecycle Management Innovations to ABN AMRO

ABN AMRO is the latest bank to choose Client Lifecycle Management solutions from Fenergo. ABN AMRO is the third-largest bank in the Netherlands and will use the technology to support its CDD/KYC processes in specific, and the bank’s broader “business transformation strategy” in general.

ABN AMRO’s Helène Erftemeijer elaborated on the role Fenergo’s technology will play in helping the bank improve the user experience for its clients. “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 regulator KYC activities,” Erftemeijer said. “Fenergo is the technology platform that will underpin this initiative.”

Pictured: Fenergo CEO Mark Murphy demonstrating Deal Manager at FinovateEurope 2012.

The deal with ABN AMRO is the latest in a string of wins for the Dublin-based compliance specialist. Earlier this month Fenergo announced a deal to deploy its Client Lifecycle Management technology with HSBC Group. And in March, the company partnered with BBVA, Spain’s second largest bank and a widely-known, eager adopter of innovative financial technologies. Speaking of the company’s recent successes, Fenergo CEO Mark Murphy explained, “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.”

Founded in 2009 and headquartered in Dublin, Ireland, Fenergo demonstrated its Deal Manager solution at FinovateEurope 2012. Deal Manager systemizes a number of complex compliance processes, giving financial institutions a greater degree of control, transparency, and efficiency when it comes to onboarding, account opening, KYC, due diligence and related operations. Fenergo’s technology is used by leading investment, corporate, and capital markets FIs such as UBS and BMO Capital Markets.

Fenergo was recognized for the third year in a row in the Chartis RiskTech100, a comprehensive, independent review of the top compliance and risk technology companies in the world. And this spring, the company was named to Planet Compliance’s RegTech Top 100 Power list. Fenergo has raised more than $80 million in total capital, including a $75 million investment in the summer of 2015 from Aquiline Capital Partners and Insight Venture Partners.

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Finovate Alums Populate RegTech Top 100 Power List

RegTech_image

Call it them the Finovate Fifth.

Nearly 20 of the companies highlighted in Planet Compliance’s new RegTech Top 100 Power list – and five of the top ten – are Finovate and/or FinDEVr alums. To measure “power”, Planet Compliance used an algorithm that measured a company’s activity in the media, as well as online and in social media including Facebook, LinkedIn, Twitter, and Wikipedia.

Interestingly, Planet Compliance says it has added a “secret ingredient” to the ranking system. It is also worth noting that their definition of RegTech is broad enough to include not just ID verification/authentications specialists, but biometric security innovators, as well.

So let’s take a look at how Finovate/FinDEVr alums stacked up.

(1) Temenos (FE15, FD15)

  • Founded 1993. Headquartered in Geneva, Switzerland. Market capitalization of $5.63 billion.

Temenos_stage_FD15

Pictured: Aaron Phethean, Marketplace Director for Temenos B2B Financial Services Marketplace, during his FinDEVr Silicon Valley presentation.

(3) Trulioo (FF16, FD14)

  • Founded in 2011. Headquartered in Vancouver, British Columbia, Canada. Raised $23 million in funding.

(5) Qumram (FF16)

  • Founded in 2011. Headquartered in Zurich, Switzerland. Raised $4.5 million in funding.

(8) Socure (FF15)

  • Founded in 2012. Headquartered in New York, New York. Raised $18 million in funding.

(10) Feedzai (FE14)

  • Founded in 2009. Headquartered in San Mateo, California. Raised $26 million in funding.

(11) Ayasdi (FF14)

  • Founded in 2008. Headquartered in Menlo Park, California. Raised $106 million in funding.

(18) NetGuardians SA (FA16)

  • Founded in 2007. Headquartered in Vaud, Switzerland. Raised $5.5 million in funding.

NetGuardians_stage_FA16

Pictured: Mine Fornerod, Net Guardians Digital Marketing Manager, demonstrating FraudGuardian at FinovateAsia 2016.

(19) BioCatch (FF14)

  • Founded in 2011. Headquartered in Tel Aviv, Israel. Raised $11.6 million in funding.

(34) Investglass (FA16)

  • Founded in 2014. Headquartered in Plan-les-ouates, Geneva, Switzerland. Raised $100,000 in funding.

(38) Mitek (FE17, FD15)

  • Founded in 1985. Headquartered in San Diego, California. Market capitalization of $218 million.

Mitek_stage_FE17

Pictured: Sarah Clark (General Manager, Identity, Mitek) demonstrating Mobile Verify at FinovateEurope 2017.

(39) nCino (FE17)

  • Founded in 2012. Headquartered in Wilmington, North Carolina. Raised $64.7 million in funding.

(45) SecureKey (FF12)

  • Founded in 2008. Headquartered in Toronto, Ontario, Canada. Raised $89 million in funding.

(48) Rippleshot (FF14)

  • Founded in 2012. Headquartered in Chicago, Illinois. Raised $4.6 million in funding.

(63) Trunomi (FE15)

  • Founded in 2014. Headquartered in San Jose, California. Raised $6 million in funding.

(66) BehavioSec (FF15, FD15)

  • Founded in 2007. Headquartered in Stockholm, Sweden. Raised $8.2 million in funding.

BehavioSec_stage_FF15

Pictured: Olov Renberg, BehavioSec COO, demonstrating BehavioSec On Demand at FinovateFall 2015.

(76) DemystData (FA12)

  • Founded in 2010. Headquartered in Singapore. Raised $12 million in funding.

(77) Fenergo (FE12)

  • Founded in 2009. Headquartered in Dublin, Ireland. Raised $80 million in funding.

(84) Trustev (FE14)

  • Founded in 2013. Headquartered in Cork, Ireland. Acquired by TransUnion.

(96) Global Debt Registry (FF14)

  • Founded in 2005. Headquartered in Wilmington, Delaware. Raised $7 million in funding.

Stay tuned for more coverage of RegTech and other growing industries within fintech as we begin previewing the presenters of FinovateSpring 2017. Finovate returns to San Jose on April 26 and 27 for our annual spring conference. Visit our registration page today to save your spot.

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Fenergo Adds Enhanced Rules, Remediation to its CRS Compliance Solution

Fenergo_homepage_June2016

Client Lifecycle Management solution provider Fenergo is boosting the capabilities of its Tax Compliance suite. The enhanced version of the company’s CRS Compliance Solution is geared toward improving tax-regulation compliance through improvements to the Three Rs: Rules, Remediation, and Reporting.

“Where FATCA was the game changer in tax compliance, the Common Reporting Standard promises to go way beyond FATCA’s remit to ensure global-wide tax compliance,” said Laura Glynn, Fenergo’s global manager for regulatory affairs. This challenge has guided the improvements made to Fenergo’s technology, providing a rules-based process to identify and conduct due diligence on reportable clients and accounts. This process also includes the data-capture and -classification requirements for both CRS and FATCA.

Fenergo_stage_FEU2012c

Fenergo CEO Marc Murphy demonstrated Deal Manager at FinovateEurope 2012 in London.

Glynn highlighted the complexity of the issue for financial institutions in areas such as Asia in particular, which often have to meet the compliance standards of more than 40 different regional regulators. It is also especially relevant for Fenergo, which announced an expansion to Singapore in February. “This is a huge operational undertaking forcing financial institutions to be able to manage each of the rules from every jurisdiction,” Glynn said. Fenergo has not only upgraded its Regulatory Rules Engine, but also enhanced the functionality of its Remediation Master Case Management and Workflow. The streamlined simplification and improved visibility will make it easier for financial professionals to track remediation cases and subcases. The company says that the platform is already being implemented with clients.

Read more about Fenergo’s work on remediation and reporting in the company’s white paper.

Recent headlines for Fenergo include the company’s move into the Middle East market in May, opening an office in Abu Dhabi. ICBC Standard Bank choose Fenergo’s client lifecycle management platform in April. And Kikko Securities America announced in March that it would deploy the company’s AML, KYC, FATCA technology.

Founded in 2009 and headquartered in Dublin, Ireland, Fenergo demonstrated its Deal Manager solution at FinovateSpring 2012. Fenergo has raised more than $80 million in funding; its most recent is a $75 million private equity infusion in July 2015 from Insight Venture Partners. The company was recognized in the European Fintech 100 in April 2016, the same month that FinTechCity featured Fenergo in its FinTech50 2016 list of the hottest fintechs in Europe.

 

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Fenergo Moves into Middle Eastern Market

fenergohomepage

Ireland-based Fenergo has opened up a new office in Abu Dhabi as a foothold to begin offering its regulatory onboarding and client lifecycle management software solutions to the Middle Eastern market.

During an event celebrating the new opening, Fenergo CEO Marc Murphy referred to a “perfect storm” in which stringent regulations have increased the time and cost of onboarding clients, leading to a poor client experience and increased cost for banks. Murphy says Fenergo’s solution presents “a unified approach to solving regulation across the world, delivering enhanced operational efficiencies and an improved client onboarding experience.”

Fenergo was founded in 2009 and for the past four years has grown 100% YOY on average. Last year the company pulled in $96 million in funding which it has used to expand to Singapore, Japan, and now the Middle East.

At FinovateEurope 2012 the company launched Deal Manager, a solution for client onboarding and account opening that integrates policy, document and regulatory requirements. Earlier this month Fenergo won Best Compliance Product at the Sell-Side Technology Awards in New York.