Fenergo supports Bahrain’s blockchain-based KYC
Bahrain’s Electronic Network for Financial Transactions (Benefit) is designing and implementing a Know Your Customer (KYC) utility that incorporates blockchain technology, in partnership with Fenergo, a provider of digital Client Lifecycle Management (CLM) solutions.
The utility platform will support sectors including retail and corporate banking and asset management, as well as insurance and telecommunications in the future. Fenergo says it deployed the first phase of the eKYC implementation project in four weeks.
Financial institutions that subscribe to Benefit can instantly complete KYC and anti-money laundering (AML) compliance procedures when onboarding new individual and corporate customers through the Fenergo’s eKYC hub and rules engine utilising blockchain.
The centralisation of customer data removes the need for duplicate requests for information, while the elimination of manual processes reduces costs and improves operational efficiencies.
The Fenergo API-first solution enables financial institutions to verify customer identity via biometric identity and verification (ID&V) technology, which links to Bahrain national identity card data before instantly connecting to the eKYC hub.
This will prompt Fenergo’s rules engine to determine the required KYC and AML data and documentation for customer due diligence (CDD) as subscribed by Central Bank of Bahrain. Once the customer is quickly and successfully onboarded, Fenergo will write data attestations to the blockchain for reuse by other financial institutions within the Bahrain ecosystem.
Marc Murphy, CEO, Fenergo, says: “Regulatory mandated KYC utilities represent a massive opportunity to enable significant efficiency, improve customer experience and help drive regulatory certainty. In a digital economy, where open banking and customer choice are at the forefront, making the KYC process digital is a huge enabler for any digital transformation initiative.”
Fenergo is developing the cloud-based utility as part of an initiative mandated by the Central Bank of Bahrain (CBB) to enable financial institutions to seamlessly perform CDD checks for enhanced customer experiences and regulatory certainty. The initiative is part of a wider government scheme, Economic Vision 2030, to improve the kingdom’s economy.
