- NIBC, a commercial bank based in the Netherlands, has partnered with Irish fintech firm Fenergo for its client onboarding and Know Your Customer (KYC) solutions.
- Fenergo’s Software-as-a-Service (SaaS) solution is integrated with Salesforce and will replace NIBC’s legacy systems currently in use. This move is aimed to help NIBC achieve operational efficiencies and streamline the onboarding process with improved KYC processes.
- The deployment of Fenergo’s solution was completed within a very short time frame, replacing an in-house developed, highly customised application that was being used for KYC.
- Fenergo offers a range of KYC, transaction monitoring and client lifecycle management solutions and its solution has found a clientele in various companies including Copper.co, iBanFirst and Generali Investments Holding.
The adoption of Fenergo’s KYC solution by NIBC bank is noteworthy since the ease and efficiency in onboarding and managing client details is a key component for commercial banks, and the utilization of Fintech solutions has been a growing trend. Daniella Steenbergen, a director at NIBC, acknowledges this need, stating, “We needed to replace our KYC system, which was an in-house developed, highly customised application.”
Founded in 2009 and headquartered in Dublin, Ireland, Fenergo has established its footprint in the market by offering a range of KYC, transaction monitoring, and client lifecycle management solutions. Fenergo’s services extend beyond traditional banking, serving fintechs, as well as product provisioning and regulatory compliance services.
Fenergo’s SaaS offering integration with Salesforce aims at helping financial institutions like NIBC achieve a single client view across the business, in addition to streamlining the onboarding of new clients with enhanced KYC processes. NIBC will be able to reap benefits from operational efficiencies—as the new system replaces existing, outdated ones—along with the potential of serving their clients better.
The partnership between NIBC and Fenergo highlights the current trend in the banking industry to update and digitise operations using fintech solutions, signalling potential growth for such solutions in the future.
