Fenergo has enhanced its client lifecycle management solution with the addition of Data Integration Manager, a rules-based data interface designed to ease the problems of using multiple data sources for applications such as client onboarding, Know Your Customer (KYC) and Anti-Money Laundering (AML). The company has integrated three DTCC data services used for these kinds of applications with Data Integration Manager and is working towards integration with other data providers in the legal entity data ecosystem.
Joe Dunphy, vice president of product management at Fenergo, tracks the problems of client onboarding, KYC and AML back to manual processes including large volumes of documents and data, and more recently to a growing number of automated data services that increase efficiency, but pose problems such as data duplication, data conflicts and varying data standards.
He explains: “While there are an increasing number of options available in the market for sourcing client and counterparty data, they are rarely in sync and there is no one-stop shop for all of a bank’s counterparty data needs. This places a burden on data users who must manage multiple sources, resolve and remediate discrepancies, and apply appropriate data management rules. This means financial institutions are spending more time, effort and money than is necessary on meeting regulatory requirements and managing the client lifecycle efficiently.”
Data Integration Manager combines data vendor application programming interfaces and file-based interfaces with intelligent rules logic and a workflow solution to consume, standardise and normalise client and counterparty data from multiple sources and route it to applications such as client onboarding and KYC. It includes a rich user interface to support the management of multiple data sources, as well as data management and remediation, and plug-ins to bank trading platforms to ensure cleansed, remediated and validated data can be propagated to downstream systems. With the software in place, banks can improve both client lifecycle management processes and their response to regulatory reporting requirements.
Dunphy says the rules-based logic of Data Integration Manager should allow 80% to 90% of data from multiple sources to be automated, leaving data management experts to deal only with problems that are not managed by the rules. He adds: “The solution is designed to take valuable assets, data services, and use them to add value to financial institutions.”
Fenergo has integrated DTCC’s Avox entity data service, its Clarient Entity Hub KYC utility and the Omgeo Alert utility providing account and standing settlement instructions with Data Integration Manager. It is working on integration with other providers of entity data, KYC utilities, AML data and screening services, and expects to complete the integration of Swift’s KYC utility soon. Data Integration Manager is available immediately and is designed to be used with Fenergo’s client lifecycle management software, although it can also be used on a stand-alone basis with a bank’s client management solution.