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 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.