NIBC, a Dutch commercial bank, is set to use Irish fintech firm Fenergo’s onboarding and know your customer (KYC) solution.
Fenergo will replace the bank’s existing systems used for KYC and help streamline NIBC’s customer onboarding process.
NIBC is moving towards achieving operational efficiencies by integrating Fenergo’s KYC solution. Fenergo’s Software-as-a-Service (SaaS) solution replaces the bank’s in-house, customised KYC application. The deployment and integration of Fenergo’s solution was done within a short time frame, according to NIBC’s Director, Daniella Steenbergen.
Fenergo, based in Dublin, specialises in providing banks and fintechs with a range of solutions including KYC, transaction monitoring, and client lifecycle management as well as product provisioning and regulatory compliance services. Its Client Portal, deployed through Salesforce, will offer NIBC a single, streamlined view of its clients which will facilitate the smoother onboarding of new clients. Among Fenergo’s current clients are iBanFirst, Generali Investments Holding and digital asset infrastructure firm Copper.co.
Fenergo’s solution is a value add for NIBC as it offers a comprehensive and efficient method to meet the constant regulatory compliance challenges. The collaboration will enable NIBC to streamline the customer onboarding process, potentially enhancing the overall customer experience and in turn, contribute to the growth of the Dutch bank.
In the current financial environment clients expect quicker and more efficient onboarding while regulators demand more rigorous KYC checks. Fintech solutions like those provided by Fenergo can support financial institutions in meeting both these requirements.
