Regulatory compliance stands as an essential pillar to ensure trust, security, and integrity in the financial services industry. Amid this intricate web of obligations, Irish company, Fenergo, has prominently risen as a global frontrunner, providing SaaS-based client lifecycle management and transaction monitoring for financial firms. Wielding innovative solutions, Fenergo enables financial institutions to accelerate business growth through data intelligence and is spearheading a transformative shift in the financial industry.
Fenergo’s impact can be witnessed through its implementation at leading multinational banks. By integrating Fenergo’s comprehensive compliance software suite, banks streamline their intricate and time-consuming client onboarding process. Leveraging Fenergo’s Know Your Customer (KYC) and Anti-Money Laundering (AML) solutions, banks expedite customer due diligence while fortifying their risk management protocols. This results in a remarkable reduction in onboarding time from weeks to a matter of days, simultaneously bolstering the institution’s compliance accuracy and efficiency.
Marc Murphy, CEO and Co-founder of Fenergo stated, “For banks in the USA, regulation and compliance is a top priority. It’s your license to trade; if you’re not complying, you’re not going to be a bank. Annually, banks spend billions of dollars on regulation globally.”
In the modern world, where ease and convenience are paramount, Murphy said, “Ordering takeout is effortless, but financial onboarding can drag on for weeks. Fenergo implements technologies that combine what the security regulators seek with the efficiency clients expect.”
By implementing efficiency and speed, while ensuring compliance with ever-changing regulation, this prominent unicorn company hailing from Ireland has found a way to ingeniously reshape compliance processes, transforming customer experience in the global financial sector.
Murphy expanded, “Our unique selling point is the fact that compliance is always at the center of everything we do. Our core business of initial onboarding, KYC, and new transaction monitoring business, all form a single FinCrime suite that every financial services CEO should know about and consider.”
Financial Crime Prevention with Integrated Transaction Monitoring
Fenergo helps financial institutions also combat money laundering and terrorist financing with its cutting-edge transaction monitoring solutions. Through a single, integrated SaaS platform, Fenergo empowers entities to efficiently detect, investigate, and report suspicious activities in real-time. This solution not only reduces false positives but also ensures strict adherence to local AML transaction monitoring regulations.
Key features of Fenergo’s transaction monitoring include a real-time detection engine, pre-packaged data models, analytics, workflows, and streamlined Suspicious Activity Report (SAR) filing. In a world where compliance with financial regulations is non-negotiable, Fenergo’s Transaction Monitoring solutions stand as a vital asset for financial institutions.
The company delivers an impressive return on investment, including 90% reduction in client onboarding touchpoints, 80% faster onboarding, 93% decrease in KYC and AML costs, and millions in regulatory cost savings. As Fenergo charts its path, the company’s journey continues with an unwavering commitment to excellence, promising to continue to make the experience easier for financial institutions, their clients, and showcases how Irish fintech firms are changing how business is run around the world.