Fenergo has formed a strategic relationship with Markit that will allow banks using its client lifecycle management software to automate consumption of Know Your Customer (KYC) and counterparty data from Markit and kyc.com, a joint venture between Markit and Genpact.
The automation is based on Data Integration Manager, an adjunct to Fenergo’s client lifecycle management software that was introduced late last year and combines data vendor application programming interfaces (APIs) with Fenergo 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 KYC.
Fenergo initially integrated DTCC’s Avox, Clarient and Omgeo Alert data services and has now implemented APIs to integrate kyc.com and Markit Counterparty Manager data with its regulatory onboarding and client lifecycle management software. It has also integrated Markit Enterprise Data Management to provide a wider entity data management solution.
Marc Murphy, CEO of Fenergo, explains: “Client lifecycle management is highly dependent on good quality, consistent and normalised client and counterparty data. However, most financial institutions are consuming this data manually. Through our relationship with Markit and kyc.com, we are automating this process using quality data and Fenergo’s workflow technology and regulatory rules engine to deliver an optimised client lifecycle management process that will help financial institutions significantly improve regulatory and onboarding efficiencies and reduce operational costs.”
With banks relying on multiple providers of specialised data for applications such as client onboarding, KYC, Anti-Money Laundering and screening, Joe Dunphy, vice president of product management at Fenergo, says the company is working to integrate data services from a number of other providers with its software.