Regtech firms, what are they?
They are companies that provide technology solutions to aid compliance and reporting. They have a huge opportunity to grow their market and help financial institutions overcome challenges such as anti-money laundering.
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Examples of Regtech Firms:
- ComplyAdvantage. The UK-based firm provides a global database of individuals, companies and organisations that may create AML risk, as well as ongoing customer monitoring.
- Featurespace. Is a UK company using machine learning to help financial services firms improve detection of money laundering, and reduce the number of false positives they experience.
- Trulioo. Based in Canada, Trulioo provides a data exchange where firms can access multiple sources of data to help with electronic identity verification. Having efficient access to multiple data sources helps firms increase the quality of the data they use in AML processes.
Typical attributes of Regtech firms:
- Design their solutions to be easily deployed and upgraded.
- Offer multiple integration options for legacy systems as implementing new technologies in financial services is a formidable challenge due to regulation, fragmented systems, and a risk-averse culture.
- Using APIs is one way for regtechs to deploy their solutions more quickly.