Fenergo, a KYC and CLM digital solutions provider, has released a new transaction monitoring tool, following the consolidation of its Sentinels acquisition one year ago.
The SaaS Transaction Monitoring solution will support financial institutions with their AML compliance processes by leveraging data to detect suspicious activity in real-time and reduce false positives. This allows financial institutions to adopt a risk-based approach and be future-proofed against evolving AML regulations.
Additionally, the hybrid detection engine supports real-time identification of suspicious activity, as well as post-event transaction monitoring, creating actionable client profiles for fast, effective data-driven investigations.
Fenergo chief product officer and technical officer Niall Twomey said, “We are thrilled to reach this important milestone in our journey to becoming a single team under the Fenergo brand. By coming together, we can more efficiently deliver on our mission to accelerate financial institutions’ growth and create a safer world by transforming the way our clients understand and manage their customers.
“Our product offerings will enable financial institutions and FinTechs to uniquely benefit from the strengths of Fenergo’s know your customer (KYC) together with AI-driven transaction monitoring solutions for smarter, real-time continuous risk monitoring.”
Last April, Fenergo acquired Sentinels so it could offer smart transaction monitoring to financial institutions.
Sentinels built a transaction monitoring solution that could detect and eliminate criminal transactions quickly and at scale.
A recent development from Fenergo was a partnership with Shieldpay to realise a CLM system and perpetual risk monitoring system. Through the deal, Fenergo’s SaaS CLM and transaction monitoring solution enables Shieldpay to consolidate real-time client KYC and AML data in one platform.
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