This week’s edition of Finovate Global highlights recent fintech headlines from Ireland.
Dublin-based regtech Fenergo has inked a partnership with Caribbean-based PROVEN Bank. The financial institution will leverage Fenergo’s transaction monitoring solution to enhance and streamline its anti-money laundering (AML) compliance operations.
PROVEN Bank Deputy Chief Executive Officer Nikita Kissoon underscored increasing regulatory pressure on financial institutions as one of the reasons the bank sought the partnership with Fenergo. Kissoon praised the company’s “excellent reputation for expertise in both AML regulations and cutting-edge compliance technology,” and said that enhanced AML compliance “aligns with our commitment to combat financial crime and remain future-proofed against fast-evolving regulatory changes across our offshore locations.”
Fenergo’s technology will help boost operational efficiency for the Caribbean-based financial institution. PROVEN Bank will benefit from the automation of multiple manual AML processes, which will reduce the number of false positives and free up compliance resources to focus on more complex situations and higher-risk customers. The bank will begin deploying the technology at its Cayman Islands location and subsequently expand the solution to its offices in St. Lucia and its affiliate company, PROVEN Wealth, based in Jamaica.
The partnership is especially timely. The Cayman Islands, where PROVEN Bank is based, was only recently removed from the Financial Action Task force’s AML grey list and the European Union’s black list earlier this year.
Fenergo Chief Strategy Officer Stella Clarke pointed out that banks like PROVEN that operate in multiple jurisdictions often struggle to keep up with local regulations with regards to AML. “Our transaction monitoring solutions offer PROVEN Bank the flexibility to seamlessly adapt to fast-evolving regulatory environments, while empowering it to more effectively cross-sell services to existing customers based on rich data insights,” Clarke said.
Fenergo made its Finovate debut 12 years ago at FinovateEurope in London. The company has raised more than $760 million in funding, and includes TLG Capital and Bridgepoint among its investors. Fenergo’s partnership news comes at the same time that the firm announced that it had formed an alliance with Deloitte Ireland to help deliver Fenergo’s CLM solutions to financial institutions throughout EMEA.
The Bank of Ireland wants you!
If you are a technology specialist looking to drive fintech innovation in the Republic, that is.
The Bank of Ireland just announced that it is recruiting for 100 technology roles in a variety of digital projects, including fighting fraud and advanced data analytics. The Bank is specifically looking for talent with experience in data, delivery management, engineering, resilience and cybersecurity. Open banking, cloud computing, APIs, and AI are also among the areas of emphasis.
“We continue to invest in our talent, technology, and infrastructure to ensure customers have the very best banking services,” Bank of Ireland Group Chief Operating Officer Ciarán Coyle said, “We’re currently progressing a range of innovative digital projects across the Group and we want to recruit talented specialists who can enhance the banking experience for our customers.”
The bank’s search for tech talent comes as the institution has increased its investment in financial technology. After making more than 60 enh…
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