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Fenergo Launches KYC & Transaction Compliance for Fintechs

Fenergo’s KYC & Transaction Compliance empowers fintechs by providing on-demand access to real-time customer intelligence – drastically accelerating the ability to action powerful insights, in an era where regulatory demands are higher than ever 

Money2020, Amsterdam – 7 June 2023 – Fenergo, the leading provider of digital know your customer (KYC) and client lifecycle management (CLM) solutions, has today launched KYC & Transaction Compliance, a new offering for fintechs that combines its KYC and transaction monitoring solutions and enables continuous monitoring of the customer profile.  

Fenergo’s new offering, KYC & Transaction Compliance, provides fintechs a single, integrated software-as-a-service (SaaS) solution that continuously monitors customer profiles and detects a wide array of suspicious transaction activities, including money laundering and terrorist financing, in real-time. In connecting KYC and transaction data, siloes across fintechs’ various monitoring tools are eliminated, providing a holistic, 360-degree view of each customer profile – which receives continuous updates from entity data providers, screening providers, and transaction systems.  The insights from the transaction monitoring 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 instantaneously.  

Fenergo’s KYC & Transaction Compliance uses a single API to draw data from multiple key sources, like screening and data providers, allowing powerful low-latency AI technology to rapidly analyse complex historical transaction data and flag suspicious activity. It drastically reduces the number of wrongly identified suspicious transactions – known as false positives – saving fintech firms substantial time and money. The solution additionally suggests changes to thresholds and predicts and ranks transactions and alerts based on the likelihood of true and false positives using previous data, all to further reduce false positives. This all ultimately ensures fintechs comply with evolving regional anti-money laundering (AML) regulations, successfully navigate an increasingly complex regulatory landscape, and avoid scrutiny. 

“Driven by mounting regulatory pressure and the prevalence of increasingly sophisticated financial crime, we’re hearing a massive demand from our fintech client community for next-gen transaction monitoring solutions that can provide the critical customer insights needed to be compliant at a more regular cadence than bi-yearly or quarterly benchmark reports, which is mainly what the industry has offered to date,”

- said Christian Roberts, Vice President of Product at Fenergo.

“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 fintechs 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 fintechs to deploy Fenergo’s new solution is Shieldpay, a market leader in solving high value, complex business-to-business payment transactions within the legal and professional services sectors.   

James Stubbs, Head of Product at Shieldpay said:

“Fenergo’s KYC and Transaction Compliance SaaS solution will enable us to consolidate real-time client KYC and AML data onto one platform, helping us achieve perpetual customer due diligence and meet shifting regulatory policies. This will streamline internal operations and allow for the faster onboarding of new clients.” 

Fenergo launches KYC & Transaction Compliance at Money20/20 Europe, a leading global conference series focused on the future of money, payments, and financial technology. Fenergo is exhibiting the new solution from June 6th to 8th at stand B30. The solution will debut in APAC and for banking institutions later this year.   


To learn more about Fenergo’s KYC & Transaction Compliance solution, please visit here.