SunTrust Robinson Humphrey, a US regional bank operating across nine states, has implemented Fenergo’s client lifecycle management solution to provide a single view of clients, improve operational efficiency around client onboarding and meet client entity data requirements across a number of regulations.
The bank, which operates predominantly in capital markets, selected Fenergo following a competitive bidding process and has since implemented the company’s solution across its swap-dealer and institutional broker-dealer desks. Its objectives were to centralise client data that was running across multiple systems and comply with a number of regulations from Anti-Money Laundering (AML) and Know Your Customer (KYC) to the Foreign Account Tax Compliance Act and OTC derivatives rules emanating from regulations such as Dodd-Frank and European Market Infrastructure Regulation.
The Fenergo client lifecycle management solution provides an automated, rules driven workflow process that supports centralisation of all client entity data and documentation for re-use across regulatory frameworks. The solution was phased in at SunTrust Robinson Humphrey, with the swap-dealer desk going live in April 2015 and the broker-dealer desk going live in September 2015. There are about 200 users on the system, which is implemented at the bank’s headquarters in Atlanta and used by staff onboarding clients at a number of locations.
John Healy, managing director, head of capital markets operations at SunTrust Robinson Humphrey, says: “We chose Fenergo’s solution because it will enable us to meet the needs of increasingly complex regulatory frameworks with an efficient and client-centric onboarding experience.”
Greg Casey, vice president of sales at Fenergo, adds: “By streamlining three separate but highly interdependent areas of the institution – data management, compliance and onboarding – Fenergo can create an optimised regulatory onboarding and client lifecycle management process that delivers full lifecycle compliance, huge operational efficiencies, improved time to revenue and a positive client experience.”
Having implemented the Fenergo solution successfully across two of its desks, the bank may expand use of the system and is interested in Fenergo’s recent release 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, KYC and 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. Casey says the solution has gained traction since it was introduced to the market early this month as it tackles a problem that most banks have to deal with on a daily basis.
SunTrust Robinson Humphrey adds to Fenergo’s North American client list that already includes Scotiabank, State Street and Bank of Montreal. It also adds to a total of towards 30 clients worldwide, a number that Casey says will at least double next year.