IBM (NYSE: IBM) and Fenergo have entered into an original equipment manufacturing agreement to collaborate on offerings that can help clients address the multitude of financial risks they face, IBM announced on Tuesday.
“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,” said David Marmer, vice president of offering management for RegTech at IBM.
The partnership seeks to combine Fenergo’s CLM offering with IBM’s RegTech portfolio of anti-money laundering and know-your-client platforms equipped with the Watson technology.
IBM will offer customers a complete AI application suite that is focused on risk and compliance that will help clients mitigate financial criminals and meet intensifying regulatory requirements for disclosure. The company has projected to build on the work to assist clients in integrating AI-driven data from its Financial Crimes Insights system into the CLM platform.
Fenergo’s software is designed to help organizations further reduce false positives in the AML and KYC solutions, reduce the costs of manual intervention, drive operational efficiencies, and improve overall customer experiences.
The alliance will aim for customers that utilize Fenergo’s platform via IBM to have access to its additional support services including but not limited to global IT support, predictive analytics, system developers, augmented reality, multivendor processing and a single point of contact interface.
“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,” said Julian Clarke, head of partners and alliances at Fenergo.