Citi has deployed Fenergo’s Client Lifecycle Management (CLM) platform across parts of its Global Transfer Agency operations in Europe.

This move aims to enhance investor onboarding and regulatory compliance processes for regulated funds.

In line with Citi’s ongoing efforts to expand digital capabilities within its Fund Services division, which caters to institutional clients like asset and investment managers, the new platform digitizes essential transfer agency functions such as Anti-Money Laundering (AML) and Know Your Customer (KYC) assessments.

Improving Risk Assessments and Streamlining Onboarding

Citi officials state that this rollout enables the firm to conduct specific, policy-driven risk assessments for investor due diligence. It also enhances the onboarding process by providing real-time reporting and automated data validation through API connectivity.

Building on Previous Initiatives in Europe

The deployment follows Citi’s earlier launch of a digital transfer agency solution in the United Kingdom in 2023. Currently, the bank offers fully digital lifecycle services to fund clients in the UK market.

A Citi representative mentioned that the Fenergo platform combines technical functionality with an understanding of the evolving regulatory environment, aiding the operational management of multi-jurisdictional fund structures.

Fenergo noted that their CLM system is designed to assist financial institutions in meeting compliance requirements while simplifying interactions with investors. They highlighted ongoing efforts to keep pace with regulatory and technological advancements in the financial services sector.

Other Digital Initiatives at Citi

Separately, Citigroup has been exploring the possibility of launching its own stablecoin as part of broader initiatives to expand its digital payments infrastructure. This move aligns with the bank’s work in the digital asset space, including tokenized deposits and crypto custody services.

Citigroup’s CEO noted during the second-quarter earnings call that discussions around a proprietary stablecoin are ongoing but emphasized increased focus on tokenized deposits due to their perceived significant potential applications.