Avanza Innovations provides Blockchain solution for BENEFIT BAHRAIN

UNLOCK recently posted a press release that was published on Fenergo website with quotes taken from Both CEO of Fenergo and BENEFIT in Bahrain with regards to Fenergo being the first in the world to implement National KYC utility that incorporates Blockchain technology. It has come to the attention of UNLOCK, from sources close to the project that in actuality it is Avanza Innovations that is handling the Blockchain solution in its entirety. UNLOCK as such would like to correct this fact and will be publishing a full story on Avanza Innovations Blockchain solution for Benefit in the days to come.

Fenergo, a leading provider of digital Client Lifecycle Management (CLM) solutions for financial institutions will be working with Bahrain’s Electronic Network for Financial Transactions (BENEFIT) in designing and implementing the world’s first national Know Your Customer (KYC) utility that incorporates blockchain technology. The utility platform will support sectors including retail and corporate banking, asset management as well as insurance and telecommunications in the future. Fenergo deployed the first phase of the eKYC project in just 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-powered eKYC hub and rules engine utilising blockchain. The centralisation of customer data removes the need for duplicate requests for information, enabling financial institutions to onboard new customers and products swiftly and seamlessly. The elimination of manual processes reduces costs and improves operational efficiencies, ultimately optimising customer experiences.

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.

On this occasion, BENEFIT’s Chief Executive Officer Abdulwahed AlJanahi said,"BENEFIT is committed to supporting financial institutions on their journey to digital transformation. 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.”

Marc Murphy CEO of Fenergo stated, " Regulatory mandated KYC utilities represent a massive opportunity to enable significant efficiency, improve customer experience, and help deliver regulaotry certainty. In a digital economy where open banking and customer choice are at the forefront, making KYC process digital is a huge enable for any digital transfomation inititiative. At Fenergo we are honored to partner with BENEFIT and Bahrain regulator to deliver KYC technology for the future."

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.