Fenergo, a provider of client lifecycle management (CLM) solutions for financial institutions, has launched a new digital remote account opening solution for financial institutions in the APAC region.

The cloud-based solution is designed to enable financial institutions to open bank accounts and access financial services remotely.

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The solution facilitates Plug and Play account opening and client onboarding functionality with API connectivity.

It can be deployed quickly and allows banks to onboard customers digitally while satisfying all Know Your Customer (KYC), Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) requirements, the company claims.

It does this by facilitating pre-configured automated regulatory rules engine, digital and dynamic collection of required data and documents, and automated screening for AML due diligence processes.

The platform drastically slashes the onboarding time, cost of ownership and eliminates the need for customers to visit bank branches, Fenergo added.

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Fenergo APAC head Greg Watson said: “In the current circumstances where physical branches are closed and customers aren’t able to attend in-person meetings, it has never been more important to have a digital-first strategy that facilitates remote account opening.”

Fenergo global AML manager Rachel Woolley said:  “Our Remote Account Opening solution allows banks to digitally onboard clients in compliance with regulatory guidance leverage the latest digital technologies and continue to mitigate the risk of financial crime.”