Fenergo enhances Regulatory Rules Engine
Fenergo has enhanced its Regulatory Rules Engine software, used by investment banks investment banks and capital market firms for client lifecycle.
The software enables financial institutions to comply with a range of regulatory frameworks based on a single, out-of-the-box repository of rules. These include compliance with global AML and KYC regulations and newer regulations such as FATCA, CRS and global OTC derivative reform regulations like Dodd-Frank, EMIR, MiFID II, Canadian and APAC Derivative rules).
The latest release has also been optimised for performance and scalability, with additional functional enhancements. The updated version now covers a wider range of enterprise edition application servers including Apache Tomcat, IBM WebSphere Application Server, Glassfish and Oracle Weblogic Server.
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. 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.
