Ireland-based fintech Fenergo announced on Tuesday it has joined forces with IBM (NYSE: IBM) to fight financial crime. The duo signed an original equipment manufacturing (OEM) agreement that will allow the companies to collaborate on solutions that can help clients address the multitude of financial risks they face.
According to Fenego, the agreement enables IBM and Fenergo to create solutions that combine Fenergo’s CLM offering with IBM’s RegTech portfolio of anti-money laundering (AML) and know-your-client (KYC) solutions, all built with Watson. IBM will reportedly offer companies a complete AI application suite that is focused on risk and compliance and helps clients fend off financial criminals and meet their intensifying regulatory requirements for disclosure.
Speaking about the partnership, David Marmer, Vice President, Offering Management, RegTech, at IBM, stated:
“Our agreement with Fenergo will allow us to expand our offering with a more comprehensive CLM solution, providing insertion points for our AI-based anti-financial crimes and regulatory compliance management technologies throughout the client lifecycle.”
Julian Clarke, Head of Partners and Alliances at Fenergo, added:
“Through this relationship, Fenergo will be available as part of IBM’s offering, allowing access to new and existing clients within IBM’s ecosystem which in turn can help reduce procurement burdens associated with enterprise software. We’re very excited and proud to be partnering with industry innovators like IBM, and the journey we have been on so far.”
The partnership with IBM comes just a couple of months after Fenergo secured $80 million through its latest investment round, which was led by ABN AMRO Ventures and DXC Technology. The company describes itself as a digital enabler of client and regulatory technology for financial services. The company provides Client Lifecycle Management (CLM) software solutions for Financial Institutions, which includes Corporate & Institutional Banking, Commercial & Retail Banking, Asset Management, Private Banking & Wealth Management.