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Fenergo launches KYC & Transaction Compliance solution for FinTechs

By Gloria Methri

June 07, 2023

  • CLM
  • Compliance
  • Compliance Regulatory

Fenergo, KYC, CLM, Risk Monitoring, due diligence, client onboarding, FinTech, UK, EuropeFenergo has launched KYC & Transaction Compliance, a new offering that combines KYC and transaction monitoring solutions to enable continuous monitoring of the customer profile.

Fenergo’s new offering provides FinTechs with a single, integrated software-as-a-service (SaaS) solution that detects a wide array of suspicious transaction activities, including money laundering and terrorist financing, in real-time.

Connecting KYC and transaction data provides a holistic, 360-degree view of each customer profile – which receives continuous updates from entity data providers, screening providers, and transaction systems. These insights system can trigger events like Enhanced Due Diligence (EDD) checks, prompt a KYC data refresh, or adjust risk ratings based on the outcome of true positive alerts, ensuring customer profiles stay up to date in real-time.

Fenergo’s KYC & Transaction Compliance uses a single API to draw data from multiple key sources, allowing AI technology to analyse complex historical transaction data and flag suspicious activity. It reduces the number of wrongly identified suspicious transactions known as false positives.

Christian Roberts, Vice President of Product at Fenergo said, “We wanted to take immediate action to meet this need, and of course, the best way to protect against smarter crime is to deploy even smarter tech. To this end, our offering is the most intelligent on the market, allowing FinTech to reap the operational benefits of Fenergo’s industry-leading KYC solution, with AI-driven transaction analysis, enabling smarter, real-time transaction compliance.”

One of the first FinTech to deploy Fenergo’s new solution is Shieldpay, a specialist in solving high-value, complex business-to-business payment transactions.

“To date, Shieldpay has processed more than $5 billion of corporate funds through our platform. With the regulatory environment surrounding payment providers becoming increasingly complex, Fenergo’s KYC and Transaction Compliance solution has been pivotal in helping us to minimise costs and scale successfully,” said James Stubbs, Head of Product at Shieldpay. “Through Fenergo’s solution, we are consolidating real-time client KYC and AML data in one platform, helping us achieve perpetual customer due diligence and meet shifting regulatory policies.”

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