Client lifecycle management (CLM) specialist Fenergo has partnered with IBM for an original equipment manufacturing (OEM) agreement that will allow the two firms to collaborate on the development of new financial risk solutions for their clients that combine Fenergo’s CLM offering with IBM Watson’s anti-money laundering and KYC portfolio.
As a result of the partnership, IBM will offer companies a complete AI application suite that is focused on risk and compliance and to help clients fight financial crime and meet their intensifying regulatory requirements for disclosure.
IBM plans to build on this work to assist clients in integrating AI-driven insights from its Financial Crimes Insights solutions into Fenergo’s CLM solution. Fenergo’s software is designed to help clients further reduce false positives in the AML and KYC solutions, reduce the costs of manual intervention, drive operational efficiencies, and improve overall customer experiences.
More than $10 billion in global fines was doled out to companies and financial institutions in 2019 for non-compliance with AML, KYC and sanctions regulations. Since 2008, the total value of fines amounts to $36 billion. In such a complex and costly regulatory environment, financial institutions and organizations around the world are under increasing pressure to respond and respond quickly.
“Financial institutions are grappling with rising costs and fines associated with KYC and AML requirements. Banks and other financial institutions need a CLM system to address regulatory challenges and keep abreast of the changing regulatory landscape,@ says Julian Clarke, Fenergo’s Head of Partners and Alliances. “Through this relationship, Fenergo will be available as part of IBM’s offering, allowing access to new and existing clients within IBM’s ecosystem which in turn can help reduce procurement burdens associated with enterprise software.
IBM will go-to-market with Fenergo’s CLM platform directly, with the goal of giving customers access to its additional support services including global IT support, predictive analytics, system developers, augmented reality, multi-vendor processing and a single point of contact interface.
