Fenergo has released KYC & Transaction Compliance, an offering for fintechs – and later financial institutions – that combines the company’s KYC and transaction monitoring solutions to provide a single, integrated SaaS solution that continuously monitors customer profiles and detects suspicious transaction activities, including money laundering and terrorist financing, in real time.
KYC & Transaction Compliance for fintechs will debut in APAC and be more broadly available to financial institutions later this year.
By connecting KYC and transaction data, siloes across fintechs’ monitoring tools are eliminated, providing a holistic, 360-degree view of each customer profile, which receives continuous updates from entity data providers, screening providers, and transaction systems. A single API consumes data from these sources, allowing low-latency AI technology to rapidly analyse complex historical transaction data and flag suspicious activity. This should reduce false positives, saving fintechs time and money, and ensure their compliance with regional anti-money laundering (AML) regulations.
Christian Roberts, vice president of product at Fenergo, says: “The best way to protect against smarter crime is to deploy smarter tech. Our offering allows fintechs to gain the operational benefits of Fenergo’s KYC solution, along with AI-driven transaction analysis, to enable smarter, real-time transaction compliance.”
Insights from the transaction monitoring system can trigger events such as enhanced due diligence checks, a KYC data refresh, or adjusted risk ratings based on the outcome of true positive alerts, ensuring customer profiles stay up to date instantaneously.
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