Asset servicer Northern Trust has contracted Dublin-based fintech Fenergo to help with its client onboarding process.
The partnership is focused on the private capital funds market and is designed to bring more digital technology to what is often a heavily manual process.
According to Northern Trust, the decision to work with Fenergo has been driven by private capital fund managers search for more efficiency amid growing industry pressures.
The complex client onboarding and monitoring requirements are areas where these efficiencies are deemed necessary.
Fenergo's software-as-a-service, client lifecycle management software will also be used for due dilligence, anti money laundering, Know Your Customer and other compliance requirements.
"The reduction in manual document flow will enable our teams to focus on more value-added activities on behalf of our clients and further enhance our information security protocols," said Clive Bellows, head of global fund services, Emea for Northern Trust.