Chartis Research Recognizes Fenergo as the Category Leader in the RiskTech Quadrant® for KYC Solutions 2023

This is the fourth consecutive year where Fenergo has been classified as the Category Leader for KYC Solutions.  

We’re honored to be leading the way for the industry in the KYC Solutions in the Chartis RiskTech100 Quadrant® report alongside other incredible providers in the space.

‘With its KYC solution, Fenergo continues to build on its strong position in the commercial and investment banking sectors,’ said Ahmad Kataf, Senior Research Specialist at Chartis. ‘Its strong workflow and entity resolution capabilities are complemented by an effective partnership strategy that provides an ecosystem of technology partners and third-party data providers.’

Helping financial institutions solve the real problems of customer onboarding with superlative KYC solutions is core to our business.

Below is a snippet of the report: 

Quadrant® Dynamics for KYC Data Solutions 

The ‘network effect’ dynamics of the KYC data solutions quadrant remain intact. Significant network effects are at play, enabling larger data vendors to acquire smaller ones to further enrich their own offerings. This also leads to a relatively strong correlation between market potential and completeness of offering. 

The depth of the data being offered continues to expand. Major and minor vendors alike are looking to establish footholds in new areas. These are not always specifically compliance- and/or AML-focused, but bring in information from adjacent areas. This allows financial institutions to create more complete pictures of their more complex counterparties or onboarded individuals. These datasets include bribery and corruption, forced labor and supply chain datasets. 

The geographical specificity of the data on offer has also increased. As ultimate beneficial ownership data has become more difficult to obtain, more firms have been building out data that focuses on specific local factors, whether these relate to regional crime groups, local registry data that cannot be obtained online or integrations with regional identity datasets.  

The landscape continues to be dominated by a few major vendors. With ongoing voracious growth in demand from financial institutions in terms of the size and complexity of the data, however, new entrants and established players will continue to carve out niches and expand this quadrant®. 

Fenergo Focuses on These Areas and More 

The importance of data that Chartis emphasizes has always been core to the Fenergo product offering. Fenergo’s approach to data has focused on bolstering the information that financial institutions possess by providing users access to it through an overview of client activity.  

This approach allows the Fenergo SaaS suite to pull together more useful insights for financial institutions to truly understand their clients.  

Thanks to the configurability of the Fenergo product, the SaaS solution is used across over 120 jurisdictions and can be updated on a regular basis to respond to regulatory changes such as the thresholds of ultimate beneficial owners in step with the needs of financial institutions.