The company has launched a trader request platform that combines A.I., know your customer (KYC), and onboarding features.
Fenergo has launched a trader request platform for the energy and commodities sector that combines artificial intelligence (A.I.), know your customer (KYC), and onboarding features in an effort to streamline compliance and onboarding processes, officials say.
The Trader Request Portal “was purpose-built to address one of the industry’s most persistent challenges of improving collaboration and communication between the front and middle office,” according to the announcement.
The new portal will help traders and front office staff to “digitally submit counterparty onboarding or product requests” that are sent to the middle office for KYC, officials say.
“By providing traders with a view of the request process, firms can drastically improve the counterparty onboarding experience while building long-term trust. With the elimination of manual effort and streamlining of the trader request process, firms benefit from reduced costs and accelerated time-to-trade,” according to Fenergo. “Beyond operational improvements, the combined solution empowers energy and commodities firms to address larger strategic goals, such as reducing counterparty attrition and abandonment rates.”
Fenergo is “addressing a fundamental need in the energy and commodities sector,” says Keith Redmond, chief product officer for Fenergo, in a prepared statement. “They are required to perform KYC to clearly understand the risk profile of their counterparties and supply chains, which are by nature extremely complex, with many different players involved.”
However, “complexity and manual processes result in huge backlogs for KYC and widescale operational inefficiencies, unnecessary costs, and trading bottlenecks,” Redmond adds.
Fenergo is a provider of A.I.-enhanced solutions for KYC, anti-money laundering (AML) and client lifecycle management (CLM) efforts for financial services and energy and commodities firms.
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