Fenergo launches remote account opening solution

Cloud-based solution delivers remote account opening for businesses across the region

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28 April 2020 | 0

Fenergo has launched its cloud-based remote account opening (RAO) solution in Europe, the Middle East and Asia. The solution can help banks to deliver emergency funding to businesses and open bank accounts remotely and compliantly. 

Fenergo said the solution can be quickly deployed to allow banks to digitally onboard new customers. It added that it satisfies all Know Your Customer (KYC), Anti Money Laundering (AML) and Counter Financing of Terrorism (CFT) requirements, thus reducing time to onboard, lowering the total cost of ownership and ensuring customers do not need to visit a bank branch during the current crisis. 

The RAO solution is a digital only service that integrates with a bank’s existing account opening process. It offers:

 

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  • Pre-configured automated regulatory rules engine and associated workflows
  • Digital, dynamic collection of required data and documents (ID and Verification), and automated screening for AML due diligence processes
  • Quick to deploy account opening and client onboarding functionality with API connectivity to enhance existing digital channels and capitalise on previous investments

“Industry bodies, including the Financial Action Task Force (FATF) and the European Banking Authority (EBA), have published statements outlining measures that can be implemented to mitigate the risk of financial crime throughout the pandemic,” said Rachel Woolley, global AML manager, Fenergo. “FATF encourages the use of digital onboarding processes, including digital identity and verification measures in line with recently published FATF guidance.

“Meanwhile, the Financial Conduct Authority (FCA) has outlined flexible measures that may be taken in line with a risk-based approach, including the acceptance of scanned documents and ‘selfies’. Our remote account opening solution allows banks to digitally onboard clients in compliance with regulatory guidance, leverage the latest digital technologies and continue to mitigate the risk of financial crime.”

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