- Netherlands’ commercial bank, NIBC, has partnered with Irish fintech firm, Fenergo, for its onboard and know your customer (KYC) solution.
- The Software-as-a-Service (SaaS) offering integrated with Salesforce, is expected to replace NIBC’s legacy systems presently used for KYC, making operations more efficient.
- The bank is set to benefit from a single client view across its business and streamline the onboarding of new clients with enhanced KYC processes.
Dutch commercial bank NIBC is replacing its existing in-house KYC system with a solution by Irish fintech firm Fenergo. This move is aimed at achieving “operational efficiencies.” The Fenergo KYC system is a Software-as-a-Service (SaaS) offering that is integrated with Salesforce on the front-end.
With the deployment of Fenergo’s solution, NIBC can streamline the onboarding of new clients with an enhanced KYC process. “We needed to replace our KYC system, which was an in-house developed, highly customized application,” said Daniella Steenbergen, a director at NIBC. She added that the deployment of Fenergo’s solution was completed “within an extremely short time frame.”
Founded in 2009, with headquarters in Dublin, Ireland, Fenergo offers a range of KYC, transaction monitoring, and client lifecycle management services to banks and fintech companies. Its services also include product provisioning and regulatory compliance services. Fenergo’s current clients include digital asset infrastructure Copper.co, payments service provider iBanFirst, and Generali Investments Holding.
