Citi has adopted Fenergo’s Client Lifecycle Management (CLM) platform for certain aspects of its Global Transfer Agency operations in Europe.

This initiative aims to enhance the efficiency of investor onboarding and regulatory compliance procedures for regulated funds.

As part of Citi’s ongoing efforts to modernize its Fund Services division, which caters to institutional clients like asset and investment managers, this new platform automates critical transfer agency functions, such as Anti-Money Laundering (AML) and Know Your Customer (KYC) evaluations.

Citi officials report that the implementation enables the firm to conduct targeted risk assessments for investor due diligence while improving the onboarding experience. Additionally, it facilitates real-time reporting and automated data validation through API connectivity.

Supporting Citi’s Digital Expansion

The deployment in Europe follows earlier launches of digital transfer agency solutions in the UK in 2023, where Citi already offers fully digital lifecycle services to fund clients.

Fenergo officials stated that their CLM system aids financial institutions in meeting compliance requirements while streamlining investor interactions. This collaboration with Citi underscores Fenergo’s commitment to keeping pace with regulatory and technological changes in the financial sector.

Other Developments at Citi

Citi is also exploring the possibility of launching its own stablecoin as part of its broader digital payments infrastructure initiatives. The bank is currently focusing more on tokenized deposits, as highlighted during its second-quarter earnings call.

The CEO of Citigroup confirmed that discussions around a proprietary stablecoin are ongoing, although greater emphasis is being placed on tokenized deposits due to their existing active engagement and significant potential for application in the digital asset space.