Fenergo, Benefit Partner To Deploy Blockchain KYC Utility In Bahrain

Blockchain, News | May 2, 2019 By:

RegTech company Fenergo has partnered with Bahrain’s Electronic Network for Financial Transactions (Benefit) to develop a national know your customer (KYC) utility that incorporates blockchain technology.

Founded in 2009, Fenergo provides regulatory onboarding, entity data management, and client lifecycle management software solutions worldwide. The company provides anti-money laundering (AML) and KYC compliance, client onboarding and lifecycle management, a workflow management module that enables financial institutions to provide an onboarding process for new and existing clients, and digital transformation and automation solutions.

Established in 1997, Benefit is the local switch in the Kingdom of Bahrain handling ATM and POS transactions among other services. It has a special license from the Central Bank of Bahrain as “Provider of Ancillary Services to the Financial Sector,” and is the only financial network of its kind in the country.

The two firms are collaborating on an eKYC project, which is 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 blockchain-based utility platform will support sectors including retail and corporate banking, asset management as well as insurance and telecommunications in the future. Fenergo said that it deployed the first phase of the eKYC implementation project in just four weeks.

The platform will reportedly allow financial institutions that subscribe to Benefit to instantly complete KYC and AML compliance procedures when on-boarding new individual and corporate customers. The Fenergo API-first solution will enable 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.

“Benefit is committed to supporting financial institutions on their journey to digital transformation,” said Benefit Chief Executive Officer Abdulwahed AlJanahi. “By partnering with disruptive technology companies like Fenergo, we can deliver on our promise to help financial firms streamline and simplify the collection and management of customer data, improving customer experiences and minimising fraud.”

Fenergo CEO Marc Murphy said that 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,” Murphy said. “At Fenergo, we are honoured to partner with Benefit and the Bahrain regulator to deliver the KYC technology of the future.”