Fenergo to transform Aviva’s KYC, AML compliance

By Sunniva Kolostyak

Digital transformation and client lifecycle management (CLM) solutions provider Fenergo has been selected by insurance and asset management firm Aviva to transform its investor and CLM systems.

The digital transformation will replace Aviva’s Know Your Customer (KYC), Customer Due Diligence (CDD) and Anti-Money Laundering (AML) systems and services.

Fenergo will initially work with Aviva Investors, then Aviva UK Insurance, to onboard all entities associated with investors and clients across all jurisdictions.

Kevin O’Neill, Global Head of Asset Management & Asset Servicing at Fenergo, commented that in today’s competitive and challenging climate, the asset management industry has recognised the need to digitalise the onboarding process and streamline compliance amid the various regulatory headwinds.

“Our solution will help Aviva Investors to optimise client experiences while ensuring that all AML, KYC and CDD requirements are automated in a rules-based secure environment,” O’Neill said. “In working with Aviva Investors, we also look forward to expanding our services into Aviva Insurance and in time, extending our CLM solution into the global insurance industry.”

Fenergo’s end-to-end solution will streamline the management of multi-jurisdictional KYC, CDD, and AML regulatory processes while improving the customer journey and driving efficiencies by replacing manual processes and increasing transparency required by third parties. Aviva will also get access to a single client view through a central data repository. The centralisation of data reduces the number of information outreach requests to new and existing customers.

Aviva Investors will also be able to easily identify and trace Ultimate Beneficial Owners (UBO) and better understand complex legal entity hierarchies and ownership relationships.

“Aviva Investors has continued to focus heavily on improving our clients’ onboarding process, as we strive to provide the seamless experience that our clients expect and deserve,” said Michelle Calcutt, Head of Client Experience at Aviva Investors.

“Implementing the Fenergo solution will be a great step forward, as it will enable us to make best use of publicly available data and streamline the process further. In reality, this will mean less onerous documentation requests to our clients, resulting in a faster and smoother onboarding experience.”

Last week, Fenergo launched Fen-Xelerate, a lower-cost, cloud-based version of the Fenergo CLM solution, to serve mid-tier and boutique commercial, business and retail banks.