- NIBC, a Dutch commercial bank, has selected Irish fintech firm Fenergo to provide its know your customer (KYC) solution.
- The bank aims to achieve operational efficiencies with Fenergo’s Software-as-a-Service offering, which will replace the bank’s current legacy systems for KYC.
- The new solution is integrated with Salesforce at the front-end, providing a single client view across the business and streamlining new client onboarding.
NIBC, a commercial bank located in the Netherlands, has tapped Dublin-based fintech firm Fenergo for its client onboarding and know your customer (KYC) solution. The bank aims to achieve operational efficiencies with Fenergo’s Software-as-a-Service (SaaS) solution, which will replace the bank’s current legacy systems for KYC. Fenergo’s offering is integrated with Salesforce at the front-end, providing a single client view across the business and streamlining new client onboarding.
“We needed to replace our KYC system, which was an in-house developed, highly customised application,” said Daniella Steenbergen, a director at NIBC. She added that Fenergo’s KYC solution was put in place “within an extremely short time frame”. This will allow NIBC to enhance its KYC process, thereby improving due diligence checks and compliance.
Fenergo, which was established in 2009, offers a variety of KYC, transaction monitoring, and client lifecycle management applications to banks and fintech companies. These also include product provisioning and regulatory compliance services. Fenergo’s clientele features digital asset infrastructure firm Copper.co, payment service provider iBanFirst, and Generali Investments Holding.
Effective KYC processes are critical for financial institutions to manage risk and comply with regulatory requirements. Fenergo’s solution will facilitate a more efficient and effective conduct of KYC procedures for NIBC. This announcement underscores the crucial role of fintech in helping banks improve their efficiencies, particularly concerning regulatory compliance.
