Irish fintech firm Fenergo has inked an original equipment manufacturing (OEM) agreement with IBM to enable clients to fight financial crime.
Under the agreement, Fenergo’s CLM offering will be combined with IBM’s anti-money laundering (AML) and know-your-client (KYC) solutions.
This will enable IBM to provide an AI application suite that will help clients address financial risks and ensure that regulatory requirements are met.
IBM also plans to integrate AI-driven insights from its Financial Crimes Insights series into Fenergo’s client lifecycle management (CLM) solution.
IBM Offering Management RegTech vice president David Marmer said: “Our agreement with Fenergo will allow us to expand our offering with a more comprehensive CLM solution, providing insertion points for our AI-based anti-financial crimes and regulatory compliance management technologies throughout the client lifecycle.”
Fenergo’s platform is said to support a reduction in false positives in the AML and KYC solutions and manual intervention costs.
Additionally, clients using Fenergo’s platform via IBM will have access to global IT support, predictive analytics, system developers, augmented reality, multi-vendor processing and a single point of contact interface.
Fenergo Partners and Alliances head Julian Clarke said: “Banks and other financial institutions need a CLM system to address regulatory challenges and keep abreast of the changing regulatory landscape.
“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.”