LONDON, Sept. 19, 2019 /PRNewswire/ -- Fenergo, a leading provider of digital Client Lifecycle Management (CLM) software solutions for financial institutions, has announced an expanded relationship with Amazon Web Services (AWS) and Sungard Availability Services (Sungard AS) to offer CLM in the cloud as a Managed Service. The move is a direct response to the growing acceptance of cloud amongst financial institutions and requests from the Fenergo client community. This transition connects directly with Fenergo's digital transformation services and capabilities.
"Customers increasingly expect secure, resilient and compliant infrastructures on demand," said Meg Ramsey, Vice President of Cloud Services, Sungard AS. "Our partnership with Fenergo removes the infrastructure implementation and management burden from its customers, allowing them to quickly consume Fenergo's CLM solution by relying on Sungard AS expertise and experience."
A recent report by IDC predicts that global banks will spend more than $20 billion on cloud services in 2019, up almost 20% from the previous year. Addressing this shift in attitudes, Fenergo's solution enables IT decision makers to move CLM to the cloud while benefiting from cost efficiencies, scalability, improved customer experiences and increased productivity. Leveraging Fenergo's deep expertise of financial services, its CLM cloud solution is designed according to the strict best practice and security policies of technology environments within financial institutions.
Niall Twomey, Chief Technology Officer, Fenergo, said: "Our client engagement approach to product development means that we are highly tuned to the requirements of the financial services industry. Whilst we've always been able deploy our CLM solutions in the cloud, our Managed Services offer with best-of-breed partners is ideally suited to the needs of financial institutions today."
Fenergo's focus on its customers' requirements led it to partner with Sungard AS, a leading provider of highly resilient and secure infrastructures within data centers and on AWS. To provide the best outcomes for customers, the Sungard AS DevOps team worked with Fenergo's CLM development experts to deliver a highly tailored, code-driven, secure environment leveraging the elasticity of the cloud. This managed environment is designed to allow financial institutions to more quickly adopt cloud services.
Fenergo's fully managed CLM cloud platform, via Amazon Virtual Private Cloud (Amazon VPC) powered by AWS, allows IT departments to focus on more business-critical tasks while reducing costs. The Managed Services model closely resembles that of an on-premises environment, making it easy to migrate to or from a cloud environment or between cloud service providers. This allows financial institutions to quickly get business solutions up and running while maintaining the flexibility of customer specific configuration, interfaces, and processes. Alternatively, banks could opt to seamlessly deploy Fenergo's CLM platform to their own cloud, maintaining full control of their environment. Both options provide banks with round-the-clock access to Fenergo's global support.
Colin Sweeney, Vice President of Cloud Operations, Fenergo, said: "The financial services industry has historically eyed the cloud with caution and our clients have largely wanted to host our CLM platform on-premise. Yet as we move into new sectors, we're seeing more and more customers put cloud to the top of their agendas. The demand is in one part due to industry-wide digital transformation but also cost, the savings are too good to ignore. Our partnership with Sungard AS and AWS ensures our clients can perform client lifecycle management in a secure and scalable environment while experiencing all the benefits cloud offers."
Fenergo is a Select Technology Partner (STP) in the AWS Partner Network (APN) in addition to being an ISV partner with Salesforce. If you would like more information about our cloud-based offerings click here.
Fenergo is the digital enabler of client and regulatory technology for financial services. It provides digital Client Lifecycle Management (CLM) software solutions for Financial Institutions including; Corporate & Institutional Banking, Commercial & Retail Banking, Asset Management & Asset Servicing, Private Banking & Wealth Management. Counting 70+ global Financial Institutions as clients, its award-winning CLM suite digitally transforms how Financial Institutions manage clients; from initial onboarding to KYC/AML and regulatory compliance, to data management and ongoing lifecycle KYC reviews and refreshes. Fenergo CLM empowers financial institutions to deliver a faster, compliant and digital customer experience while achieving a single client view across channels, products, business lines and jurisdictions.
Fenergo's community-based approach to product development allows clients to collaborate on solution design on a global scale. Its rules-driven solution ensures compliance with multiple global and local regulatory frameworks including AML, KYC, SFTR, Tax (CRS, FATCA, 871M), OTC Derivatives (EMIR, Dodd-Frank, MiFID II, Margin Requirements) and data privacy rules (GDPR). It supports the collection, centralization and sharing of client and counterparty data and documentation across the institution and deploys an API-first approach to advanced integration with a host of external KYC, AML and entity data providers, KYC and industry utilities. The solution is underpinned by next generation Artificial Intelligence, Robotics Process Automation and Machine Learning technologies, using advanced OCR and NLP capabilities to extract information, expedite compliance and improve operational efficiencies.
Sungard Availability Services
Sungard Availability Services ("Sungard AS") is a leading provider of critical production and recovery services to global enterprise companies. Sungard AS partners with customers across the globe to understand their business needs and provide production and recovery services tailored to help them achieve their desired business outcomes. Leveraging more than 40 years of experience, Sungard AS designs, builds and runs critical IT services that help customers manage complex IT, adapt quickly and build resiliency and availability. To learn more, visit www.sungardas.com or call 1-800-468-7483. Connect with us on Twitter and Facebook.
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