Spain’s second biggest bank, Banco Bilbao Vizcaya Argentaria, S.A., deploys Fenergo for efficient Client Lifecycle Management
DUBLIN -Tuesday, March 14th 2017 [ ME NewsWire ]
(BUSINESS WIRE)-- Fenergo, the leading provider of Client Lifecycle Management software solutions for investment, corporate and private banks, has announced its foray into Spain by providing its flagship software platform to a major European bank to ensure lifecycle compliance with a broad range of global and local regulatory obligations.
Fenergo’s Client Lifecycle Management platform will centralize all client and counterparty data and documentation and allow them to re-use these attributes for a number of different regulatory purposes, eliminating the need to repeatedly source this information from clients. Its Regulatory Rules Engine will ensure that all compliance obligations are identified, actioned and evidenced as quickly as possible. This greatly expedites the rules-driven compliance and subsequent onboarding processes, helping to improve client experience and time to revenue for BBVA.
Under the terms of the agreement, BBVA will deploy Fenergo’s solutions across its Corporate and Investment Banking (CIB) divisions in Europe.
Speaking of its selection of Fenergo, Emma Rey Gállego, BBVA Head of Customer Experience-Onboarding in CIB, said, “Our main ambition is to streamline the end-to-end client lifecycle management process – from onboarding to regulatory compliance to lifecycle reviews – for all of our jurisdictions and to standardize processes and procedures across different divisions. Fenergo will help us to achieve operational efficiencies and improve our customer experience, whilst maintaining the highest level of regulatory compliance across the globe”.
As part of its commitment to future-proof financial institutions against changing regulation, Fenergo offers all its clients a Regulatory Rules Module, which provides for periodic regulatory updates, new product modules for new regulations, enhancements to existing Fenergo best practice approaches, as well as updates to existing regulations and rules logic changes.
According to Greg Casey, Fenergo’s VP of European Sales, “The next 12-18 months are set to test the mettle of many financial institutions in Europe, and indeed across the world, as they grapple with a rising number of new and enhanced regulatory obligations. Regulatory frameworks such as MiFID II, the 5th European Money Laundering Directive and Margin Requirements, to name only a few, will put financial institutions under duress, not only from a regulatory compliance point of view but also from a data, documentation and client experience perspective. With a regulatory and product roadmap agreed by our Client Advisory Board and having implemented in financial institutions across Europe, North America and APAC, Fenergo is ideally positioned to help financial institutions to meet these regulatory deadlines on time, as well as improving operational efficiencies by up to 47% and time to revenue by up to 50%.”
About Fenergo (www.fenergo.com):
Fenergo is a leading provider of Client Lifecycle Management software solutions for investment, corporate and private banks. Its solutions help institutions to efficiently manage the end-to-end regulatory onboarding and entity data management processes. Its rules-driven solution ensures compliance with multiple regulatory frameworks and supports the collection, centralization and sharing of client and counterparty data and documentation across the institution. By expediting compliance and improving operational efficiencies, Fenergo’s solutions can onboard clients faster, improve time to revenue and overall client experience. Fenergo’s recent accolades include: Chartis RiskTech100™ (third consecutive year, rising 25 places in 2017); Top Performer in RegTech Performance (Banking Technology / MarketFintech, 2016); Best Compliance Product (Sell-Side Technology Awards 2016), FinTech Forward Company to Watch (American Banker, 2015), Chartis RiskTech100® (2016 and 2015) and Best Enterprise Data Management Initiative (Inside Reference Data, 2014).
Fiona McLoughlin, +353 1 901 3600
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