Ireland-based Fenergo, a provider of client lifecycle management software solutions for investment banks and capital market firms, has launched its enhanced Regulatory Rules Engine to help financial institutions maximize control over regulatory and operational decisions and processes.
Fenergo’s Regulatory Rules Engine enables financial institutions to comply with a wide range of regulatory frameworks based on a single, out-of-the-box repository of rules. These include compliance with global Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, and a growing number of newer regulations.
The latest release of Fenergo’s Regulatory Rules Engine has been further optimized for performance and scalability, with additional functional enhancements made to support business requirements. The updated version now covers a wider range of enterprise edition application servers to suit clients’ preferences including Apache Tomcat, IBM WebSphere Application Server, Glassfish and Oracle Weblogic Server.
“Time and consistency is a prevalent issue in compliance processes for financial institutions,” said Joe Dunphy, Fenergo’s vice president of product management. “Compliance takes too long to complete, often involving interpretation of regulations and determination of what is required to comply with them. This makes client onboarding a much longer process and stretches time to revenue.”
In a recent study commissioned by Fenergo, it was found that it can take up to 34 weeks to onboard a new client and may cost up to $25,000 per client to complete the process. Furthermore, the study identified client experience as a top challenge facing financial institutions, predominately due to banks making repeated requests for submission of client data and documents to support the compliance.
Fenergo’s regulatory Rules Engine enables financial institutions to keep up with an ever-evolving regulatory landscape. It is available as an integrated solution with Fenergo’s client lifecycle management and regulatory onboarding solutions and is also available as a standalone Rules Engine by integrating with existing third party or in-house-built client onboarding, BPM and KYC compliance solutions.