- Dutch commercial bank NIBC has selected Irish fintech Fenergo to provide its onboarding and know-your-customer (KYC) technology, replacing legacy in-house applications and working to streamline operation efficiencies.
- Fenergo’s Software-as-a-Service (SaaS) offering combines with the bank’s front-end Salesforce system to provide a single view of clients across the business, helping to enhance KYC processes and ease the addition of new customers.
NIBC, a commercial bank based in the Netherlands, has opted for an Irish fintech, Fenergo, for its onboarding and know-your-customer (KYC) solution. According to Daniella Steenbergen, a director at NIBC, the decision to replace their current KYC system, which is an in-house developed and highly customized application, was made to “achieve operational efficiencies”. The adapted software was rolled out in a very short amount of time.
Fenergo offers its software as a service (SaaS), which integrates with Salesforce at the front end, giving the bank a single client view across the business. This helps “streamline” the onboarding process for new clients, providing an improved KYC process. The company, originating from Dublin, Ireland in 2009, offers a wealth of banking solutions such as KYC, transaction monitoring and client lifecycle management. It also provides product provisioning and regulatory compliance services.
Alongside its KYC offerings, Fenergo’s broad range of services is utilized by a number of high-profile clients, including digital asset infrastructure firm Copper.co, payments service provider (PSP) iBanFirst, and Generali Investments Holding, among others.
In conclusion, NIBC’s decision to opt for Fenergo’s KYC technology marks a significant leap towards a streamlined operational system, enhancing the banking experience for its clients and contributing to the continued growth and development of Fenergo in the fintech space.
