Is RegTech the new Fintech?

18 Dec 2017, Re-edited by Bachir El Nakib (CAMS), Senior Consultant Compliance Alert LLC

Last year (2016), the Institute of International Finance identified seven distinct areas within compliance and regulatory reporting that have the potential to be improved upon by the introduction of regtech solutions:

 

  • Risk-data aggregation: required for capital and liquidity reporting and for stress testing, and is currently inhibited by antiquated IT (information technology) infrastructure and “definitional issues”.

  • Modelling, scenario analysis and forecasting: required for stress testing and risk management. Due to the greater requirement from regulators to run such analyses, the computing power and intellectual capacity must be significantly boosted.

  • The real-time monitoring of payments transactions: this area is currently experiencing a bottleneck due to payment systems producing incompatible transaction metadata of poor quality, which in turn severely limits the potential to detect money laundering and terrorism financing.

  • Identification of clients and legal persons: which has become mandatory under know-your-customer (KYC) regulations, and which could be enhanced through the use of fingerprint and iris scanning, as well as blockchain technology.

  • Monitoring a financial institution’s internal culture and behaviour: this normally requires scrutinising employee conduct through their use of e-mails and spoken word. Automating this analysis would improve compliance efficiency.

  • Trading in financial markets: the regulatory requirements pertaining to such activity includes margins calculation, choice of trading venue, choice of central counterparty and assessing the impact of a transaction on the institution’s exposures. Automation of such measures would vastly improve the efficiency of both compliance and trading.

  • Identifying new regulations: automating the interpretation of new regulations for a particular financial institution could reduce the overall amount of human resources currently being devoted to this task.

A rapidly growing regtech area relates to identity verification, in which the process of signing up new bank customers is being made more secure, user-friendly and efficient. Innovative solutions such as data mining, biometrics, natural language processing and visual analytics are all playing their parts in improving the client-onboarding process. Vancouver-based Trulioo is one of the most successful examples of a new identity-verification-focused regtech company. It uses more than 200 data sources to provide individual identity verification in its GlobalGateway product, which in turn provides identity verification for more than 4.5 billion people in more than 60 countries to enable banks to meet their know-your-customer (KYC) requirements. Indeed, Trulioo believes GlobalGateway offers the widest coverage in the market and “provides a reliable and trustworthy way for businesses to evaluate new and existing users through one single API”.

Blockchain could also end up being particularly useful in achieving a range of regtech solutions. Given the technology’s most appealing properties of providing an immutable, transparent and secure ledger, regulators are likely to benefit from being able to access all documented information on the ledger, which in turn provides them with a comprehensive and permanent financial audit trail. This would be especially pertinent for reporting-related compliance, which could end up being almost entirely replaced by distributed ledgers; while the current centralisation of trade clearance and reporting may also be eliminated in favour of decentralised solutions. This is likely to become a reality once the blockchain projects themselves succeed in achieving scalability in transaction processing—an endeavour that is being increasingly explored by the space’s leading projects at present.

 

According to research by EY, the adoption of regtech solutions is set to grow significantly, and will “contribute to increasing volumes of data around regulatory compliance and will enable more granular reporting standards, scenario analytics and horizon scanning with the capability to generate better insights for senior managers”. EY also sees the space firstly being occupied by small, disruptive regtech firms—similar in nature to the fintech start-ups—that will then lead to widespread adoption by the leading players in the market; before regtech eventually reaches a critical mass, at which point it will be deeply integrated into firms’ business strategies. 

Source: ( https://internationalbanker.com/finance/regtech-emergence-next-big-disruptor/)

By Definition of  'Regtech' a blend word of 'regulatory technology'that was created to address challenges in the financial services sector through innovative technology. Regtech consist of a group of companies that use technology to help businesses comply with regulations efficiently and  inexpensively. Heralded by "the new Fintech"by Deloitte "  Regtech has rapidly risen in 2015, from total obscurity. But what exactly is Regulatory Technology (RegTech)? and why it became the next big thing?

At risk of sounding too simple, RegTech is pretty much what is says on the tin: the use of new technology to facilitate the delivery of regulatory requirements. Or, in slightly more words, RegTech is technology that seeks to provide “nimble, configurable, easy to integrate, reliable, secure and cost-effective” regulatory solutions (Deloitte).

In an industry prone to hype and hyperbole, ‘reg-tech’ is one of the hottest new buzzwords on the block. Referring to technology that is designed to help banks and other financial institutions (FIs) comply with the increasingly complex regulation of their sector, reg-tech is now gathering momentum in its own right.

But what is it, who needs it and where’s it going next? Here, we take a look at the rise of this new category of technology businesses and the key trends emerging in this space.

Rise of reg tech

Like its close cousin ‘fintech’, reg-tech has been around for some time in different shapes and flavours, but a number of contributing factors is now creating the perfect storm for this technology segment to thrive, including:

> Intensification of financial regulation globally post-2008 financial crash  
> Massive uptick in demand on data reporting
> Challenges for FIs to capture, store, analyse data in-house
> Evolution of technologies like cloud, big data analysis
> New sources of data create opportunities for new approaches to risk

“Compliance is becoming more complex and potentially costly and so scalable and efficient platforms and automated services to reduce costs are increasingly important,” says Peter Howitt, founder and director of Ramparts EU law firm, Peter Howitt. “In addition, the wealth of electronic information available on people and companies continues to increase and represents an opportunity to change our approach to things such as credit profiling, KYC, age verification and so on.”

What is reg-tech?

Like any catchy umbrella term, ‘reg tech’ actually incorporates a myriad of different services. In a report from Deloitte that described reg-tech as “the new fintech”, some of the themes emerging in this sector were identified as the following: One is legislation and regulation gap analysis tools: helping FIs to identify the areas of their business that are not compliant. Related to that are the health check tools: keeping track across the multiple systems inside an FI on a regular basis, while others include regulatory reporting tools, activity monitoring tools and risk data warehouses. As these examples highlight, a lot of the need that reg-tech answers is related to automation and crunching/storing/capturing and processing data that these FIs need to be able to produce.

While the opportunity is clear, however innovation in this space is not easy. In an interview with bobsguide, the president of Canadian identity verification firm Trulioo Jon Jones explains that the constantly-evolving global regulatory landscape makes it challenging to innovate.

“There are 7bn people in this world who can benefit from access to fintech services, however, there are hundreds of legislations, jurisdictions and regulators across the globe that make it difficult for companies to navigate,” says Jones. “Innovation is never free from risk, but there are ways to mitigate with reasonable and appropriate policies and procedures.

“The lack of harmonisation of in-country data privacy hinders development of a global compliance program, especially for companies transacting and expanding across borders. Secure access to data combined with cutting-edge technology helps facilitate innovation for fintech products and services.”

Levelling the field

Reg tech has been around for a while, but it feels like everyone is suddenly talking about reg tech at the moment – why now? Jones points to the fact that reg tech is helping to level the playing field for established and new entrants in the financial services industry, something that's been a long time coming in the competition-starved financial services industry and that technology promises to help deliver.

Fintech has taken off largely due to these companies seeing opportunities that incumbents haven’t seen or can’t address. With huge consumer demand for fintech products, reg tech offers a level playing field for all players, including traditional banks, challenger banks and new fintech entrants.

Not only does reg-tech seek to address the multiplying compliance obligations in a cost efficient manner, but it is nurtured and supported by governments. The UK is a great example of where this is happening. The Financial Conduct Authority (FCA) provided clarifications on the steps regtech companies must take to comply with UK regulations and have collaborated with firms through partnerships with financial institutions, accelerators and academics.”

Democratising access to reg-tech is something that Suade, a Microsoft Ventures startup is trying to do. The firm wants to help big and small banks alike adapt constantly to changes in regulation and become more cost effective. While new regulations are designed to bring transparency and stabilty to the financial sector, the practical cost and logistics FIs need to invest in understanding them is massive. Suade wants to help take care of that, leaving banks to focus on serving their clients. 

“A lot of people are yearning for a benchmark that is necessary to prevent the next financial crisis,” said CEO Diana Paredes, speaking at a demo“What we’re trying to is democratise regulation, not from compliance side so much as prudential side.”

“Lehman Brothers was a hard thing to forget – it affected everyone in the world, not just the bankers.  Trust was broken between the banks and the people in the streets – everyone wanted their money back. If people stop believing in banks the economy is in real trouble. The ethos of our company is that we’re trying to prevent the next financial crisis. Banks have understood that the only way to do it is through regulation – and it’s about embracing that.”

UK regulation in the time of Brexit

The growing emphasis on financial regulation is a global phenomenon. But the idiosyncrasies of regulation that vary between jurisdictions makes this a necessarily local issue too. The UK is looked to by fintech players around the world with envy for the progressive and supportive attitude of its regulator: the Financial Conduct Authority (FCA). Just last month the FCA opened its regulatory sandbox to provide a “safe place” for fintech companies to test services and business models before being offered to the consumer without having to worry about regulation.

The thinking behind the sandbox is that fintech startups should have the opportunity to test new ideas, even if what they’re trying to build does not fit within existing rules, which FCA director of strategy and competition Christopher Woolard says often pre-date smartphones, let alone emerging technologies like biometric authentication. The very nature of disruption and innovation means this is likely to be the case with what startups are trying to build and not just in finance. While Airbnb or Uber’s approach of ‘asking forgiveness, not permission’ seems to have worked in the rental and transport spaces, fintech startups typically can’t afford to take such big risks with the law.

It's things like this that have enticed many fintech companies to the UK, with EU rules meaning that a company headquarted and licensed in London can 'passport' its business to other EU states. That is likely to change in the wake of the Brexit vote - though the impact of the UK leaving the EU is as yet totally unknown, throwing up a million unanswered questions about what this means for the financial industry and what impact it will have on regulation. Howitt says it’s too early to tell what happens next.

“We have had a Brexit vote and not a Brexit,” Howitt tells bobsguide. “We do not know if the UK will leave the EU nor, if it does, what it will be part of - for example a EEA or Swiss-style bilateral arrangements for some sectors and freedom. I think that if the UK does leave the EU then we may expect more red-tape within the EU as the UK is a moderating influence that seeks pragmatic approaches to legislation and compliance. One would expect that even if the UK leaves the EU and the EEA much of the future EU law would still be followed in the UK in order to ensure continued access to the common market.”

Could Brexit serve as a boost to reg tech? Howitt says it could help give it an additional spur since it will increase further the potential complexity and costs of doing business across border and it will also force UK providers to internationalise their offerings much more quickly.

That chimes with what Ashley Finch, SVP business development at Ireland's Silverfinch, a firm that helps asset managers and insurers meet the requirements of Solvency II directive, says:

"In the short term, volatility has been the immediate impact but over time as that volatility normalises somewhat, the crucial aspects will be maintaining balance and a productive regulatory environment for all markets and participants and not becoming even more buried in red tape."

"Reg- tech was well established before Brexit but in times of uncertainty opportunity often arises so I am sure that they level of innovation currently and the speed of advancement within the reg-tech space, it will be well placed to capture opportunities as they arise."

Trends to watch

So what’s next for this space? We asked Trulioo's Jon Jones what he sees as the key drivers for change in this sector and he talked about the growing role of mobile in identity verification.

“The breadth of data available for organisations to leverage for identity verification is made possible by mobile technology,” says Jones. “There are over 5bn mobile phone users in the world today who have created a digital footprint through these devices. Information about each mobile user is being captured electronically and this information can be used by third parties to verify the user’s identity so that they can access products and services they want. Data is meaningless unless it is organised in a way that enables people to understand it, analyse it, manage it, and enable access by third parties.”

Howitt also talked about the evolution of know your customer (KYC) and the potential for emerging technology like blockchain and social media data.

“I see real developments being made regarding the use of online social network and e-commerce platform information for KYC and identity verification purposes,” says Howitt. “I also thing that we may soon see federated KYC using blockchain technology and that would be a very big change in approaches to how to own and share our identification information, financial information.”

Another trend is that reg tech become more forward-looking, helping FIs leverage data to make decisions around risk management and anticipate issues rather than fix them afterward - especially in the trading and asset management spaces.

"The burden of regulation is bringing some innovative and cohesive thinking that is almost self-defining a new discipline within the industry," says Silverfinch's Smith. "An increasingly regulatory driven environment has required much more alignment between market participants, particularly asset managers and their investors, which has created a swathe of new demands on all their businesses."

In itself, this marriage of regulation and technology is not new. But it is becoming more and more crucial as levels of regulation rise and focus on data and reporting increases. It is also addresses a gap in a financial services market that is being disrupted at a speedy pace by FinTech – Financial Technology. In a range of areas, dynamic FinTech has been driving a more efficient and more effective way of doing things. The extension of this disruption to regulatory practice is the next logical step.

We can expect this disruption to make regulation highly data acquisitive and to involve the use of real-time information, and the incorporation of algorithms and analytics. London is increasingly being seen as the home of RegTech with  a range of  leading global RegTechs  based in the capital.The FCA recently engaged in its own crystal ball gazing, suggesting areas where RegTech might be about to effect substantial change.

It envisioned “new approaches” to “streamline AML checks” (that would enable firms to differentiate themselves) and the use of social media and biometrics to transform how customer due diligence is done, how anti-fraud measures work and how banks “filter the wheat from the chaff when deciding whether to make a suspicious activity report”.

The automation of due diligence, using data that can be tailored to a firm’s risk-based approach, is at the forefront of this RegTech revolution. We are excited to be leading the charge on disrupting ineffective and outdated processes of regulation compliance by using Artificial Intelligence and machine learning. 

Deloitte Message - We would like to share some insights below on a few of the RegTech companies who are providing solutions in the areas of Regulatory Reporting, Risk Management, Identity Management & Control, Compliance, and Transaction Monitoring. You will get an idea of where the RegTech companies are located, their size, when they were founded as well as which industry they are targeting in particular.

Explore the RegTech Universe

Total: 
153 RegTechs

Regulatory Reporting

Risk Management

Identity Management & Control

Compliance

Transaction Monitoring

↑ Back to menu

 Regulatory Reporting

Enable automated data distribution and regulatory reporting through big data analytics, real time reporting and cloud

Company Name

 

Inception

 

Location

 

People

 

Target Industry

 

Service

28MSEC

 

2008

 

USA

 

1-10

 

Financial Industry

 

Technology

Empowers businesses to build real-time reports and analytics from heterogeneous data sources with multiple data structures

Abide Financial

 

2013

 

UK

 

51-200

 

Financial Industry

 

Consulting & Technology

A single solution for processing data and distributing regulatory reports to relevant regulatory bodies

Accudelta

 

2015

 

Ireland

 

1-10

 

Financial Industry

 

Technology

Data management solution for regulatory reporting and distribution

Arkk Solutions

 

2009

 

UK

 

11-50

 

Financial Industry

 

Technology

Reporting software for (AIFMD, FORM PF, Solvency II, COREP, Finrep, HMRC, iXBRL Reporting)

Cappitech

 

2013

 

Israel

 

11-50

 

Financial Industry

 

Technology

Trading and reporting solutions to both buy and sell side and for major service providers

Commcise

 

2013

 

UK

 

11-50

 

Financial Industry

 

Technology

Commissions management and reporting solution

DeltaconX

 

N/A

 

Switzerland

 

1-10

 

Financial Industry

 

Technology

Regulatory software solution to allow meeting regulatory requirements such as EMIR,REMIT and MiFID II.

Funds-Axis

 

2006

 

UK

 

11-50

 

Investment Funds

 

Consulting & Technology

Investment compliance monitoring, risk analysis and regulatory reporting technology

Fundsquare

 

2013

 

Luxembourg

 

51-200

 

Financial Industry

 

Technology

Solution that provides order management and information service to the fund industry

Hexanika

 

2013

 

USA

 

11-50

 

Financial Industry

 

Technology

Regulatory reporting tool based on Big Data Analytics, real time reporting and Cloud

Lombard Risk

 

1989

 

UK

 

200+

 

Financial Industry

 

Consulting & Technology

Solutions for automation of regulatory reporting and optimisation of cross-product collateral management to meet regulatory requirements

QuanTemplate

 

2011

 

Gibraltar

 

11-50

 

Insurance

 

Technology

Gathers data from disparate sources and employs AI to analyse the information and automatically generate regulatory reports

REGIS-TR

 

2010

 

Luxembourg

 

51-200

 

Financial Industry

 

Consulting & Technology

Central trade repository for reporting trades and transactions across multiple product classes for European regulatory reporting requirements

RegTek Solutions

 

2017

 

USA

 

11-50

 

Financial Industry

 

Technology

Cloud-based suite of software solutions for regulatory reporting

Silverfinch

 

1991

 

UK

 

51-200

 

Insurance

 

Technology

Fund data utility to connect asset managers and insurers for PRIIPS and Solvency II

Taleo Reporting

 

2015

 

Luxembourg

 

1-10

 

Investment Funds

 

Technology

Regulatory reporting for funds (CRDIV, FATCA, CRS, Solvency II, AIFMD, EMIR, MIFID II, MIFIR, PRIIPs)

TRADEcho

 

2016

 

UK

 

51-200

 

Financial Industry

 

Consulting & Technology

Suite of services for pre and post trade reporting

TransFICC

 

2016

 

UK

 

1-10

 

Financial Industry

 

Technology

Trading solutions for the enterprises in the electronic Fixed Income and Derivatives markets to ensure regulatory compliance

Treamo

 

2010

 

Austria

 

1-10

 

Financial Industry

 

Consulting & Technology

Cloud-based SaaS solutions for treasury and EMIR reporting

Vizor

 

2001

 

Ireland

 

51-200

 

Financial Industry

 

Technology

Enables financial authorities the supervision of financial companies with a web based data submission portal and real-time validation

↑ Back to menu

 Risk Management

Detect compliance and regulatory risks, assess risk exposure and anticipate future threats

Company Name

 

Inception

 

Location

 

People

 

Target Industry

 

Service

AlgoDynamix

 

2013

 

UK

 

1-10

 

Investment Funds

 

Technology

Risk analytics that detects disruptive events in global financial markets and anticipates price movements

Algorithmica

 

1993

 

Sweden

 

11-50

 

Financial Industry

 

Consulting & Technology

Real-time income pricing analysis and counterparty risk

AlgoSave

 

2015

 

Israel

 

1-10

 

Financial Industry

 

Technology

Provides Expected Credit Losses calculations and computation of bank Risk Capital and RAROC

AQMetrics

 

2012

 

Ireland

 

11-50

 

Financial Industry

 

Consulting & Technology

Data management and analytics, risk monitoring, compliance workflows and reports

Ayasdi

 

2008

 

USA

 

200+

 

Financial Industry

 

Technology

Helps companies use machine intelligence and topical data analysis for risk mitigation and regulatory compliance

Bearingpoint

 

2002

 

Netherlands

 

200+

 

Financial Industry

 

Consulting & Technology

Solutions specific to banks, insurers, financial services providers, central banks, and supervisory authorities across the regulatory value chain

Corlytics

 

2014

 

USA

 

11-50

 

Financial Industry

 

Technology

Database of US fines since 2009 with analytics on fine trends

CrowdCheck

 

2012

 

USA

 

11-50

 

Investment Funds

 

Consulting & Technology

Due diligence and disclosure services for early stage offerings

Fintellix

 

2006

 

India

 

200+

 

Financial Industry

 

Technology

Compliance, Risk & Analytics Products and Solutions for the Global Financial Services Industry

Fortia financial solutions

 

2012

 

France

 

1-10

 

Financial Industry

 

Technology

Solutions for compliance management, internal control, risk management and reporting

Met Facilities

 

2013

 

UK

 

1-10

 

Investment Funds

 

Technology

FCA regulatory hosting umbrella for funds, start-ups, fintechs and financial services firms.

Modelity Technologies

 

2000

 

Israel

 

51-200

 

Financial Industry

 

Technology

Platform for financial modelling and portfolio risk analytics

NeoRM

 

2015

 

USA

 

1-10

 

Financial Industry

 

Technology

Automates and simplifies the governance and risk management processes

Open Risk

 

2014

 

Netherlands

 

1-10

 

Financial Industry

 

Technology

Provides training and risk analysis tools

OpenGamma

 

2009

 

UK

 

11-50

 

Banking

 

Technology

Tools for multi-CCP margin calculations, what-if analysis and stress testing

OSIS

 

2010

 

Netherlands

 

11-50

 

Financial Industry

 

Technology

Platform for credit risk analysis and credit opinions, asset quality review and stress testing

Percentile

 

2014

 

UK

 

1-10

 

Financial Industry

 

Technology

Data management, risk management and stress testing tool

Promapp

 

2002

 

New Zealand

 

51-200

 

Financial Industry

 

Technology

Cloud-based risk and compliance management application

Provenir

 

2004

 

USA

 

51-200

 

Financial Industry

 

Technology

Risk analytic and decisioning solution.

Redowl

 

2012

 

USA

 

51-200

 

Financial Industry

 

Technology

Analsyses structured and unstructured data to provide holistic overviews of human risk and regulatory compliance

RiskSystem

 

2013

 

Ireland

 

1-10

 

Investment Funds

 

Technology

Risk management solution for all risks related to AIFMD and UCITS obligations

Scaled risk

 

2012

 

France

 

11-50

 

Financial Industry

 

Consulting & Technology

Trading analytics and risk management

Secondfloor

 

2005

 

Netherlands

 

51-200

 

Insurance

 

Consulting & Technology

Supplier of Insurance Risk management solutions

Sybenetix

 

2009

 

UK

 

11-50

 

Financial Industry

 

Technology

Solution to detect and investigate suspicious trading

Symetrics

 

2012

 

Netherlands

 

11-50

 

Financial Industry

 

Technology

Linear and non-linear algorithms to stress-test asset portfolios

Traiana

 

2000

 

USA

 

200+

 

Financial Industry

 

Technology

Automated risk management and pre-trade/post-trade processing of listed and over the counter transactions

Visual Risk

 

2001

 

Australia

 

11-50

 

Financial Industry

 

Consulting & Technology

Processes and analyses data from various sources to provide trade risk management solutions

↑ Back to menu

 Identity Management & Control

Facilitate counterparty due diligence and Know Your Customer (KYC) procedures. AML and anti-fraud screening and detection.

Company Name

 

Inception

 

Location

 

People

 

Target Industry

 

Service

Accuity

 

1836

 

USA

 

200+

 

Financial Industry

 

Consulting & Technology

Services for payment efficiency, compliant transactions, bank counterparty insight and AML screening

Actimize

 

1999

 

USA

 

200+

 

Financial Industry

 

Consulting & Technology

Provider of anti-financial crime, risk and compliance solutions

Alacra

 

1992

 

USA

 

51-200

 

Financial Industry

 

Consulting & Technology

Workflow applications for client onboarding, client screening, vendor risk management and front office business research

AML Partners

 

2005

 

USA

 

11-50

 

Financial Industry

 

Consulting & Technology

KYC, AML/CFT, OFAC, FinCEN314a modules designed to assess and manage behavioural risks and streamline workflows.

Arachnys

 

2010

 

UK

 

11-50

 

Financial Industry

 

Technology

Due diligence tool for regulatory and reputational based risk management

Arctic Intelligence 

 

2011

 

Australia

 

11-50

 

Financial Industry

 

Consulting & Technology

Software to assist organisations in meeting financial crime compliance obligations and manage risk

ComplyAdvantage

 

2014

 

UK

 

51-200

 

Financial Industry

 

Technology

Application for AML and KYC

Contego

 

2011

 

UK

 

11-50

 

Financial Industry

 

Technology

Risk, compliance & anti-fraud solution

Cynopsis Solutions

 

2014

 

UK

 

1-10

 

Financial Industry

 

Consulting & Technology

Governance, Risk & Compliance, Investment Analysis & Portfolio Management solutions

Digital Reasoning 

 

2000

 

USA

 

51-200

 

Financial Industry

 

Technology

Uses AI and machine learning to analyse customer information from structured and unstructured data sources

DueDil

 

2011

 

UK

 

51-200

 

Financial Industry

 

Consulting & Technology

Solution to identify adverse information and to conduct KYC and AML compliance checks

EarlyIQ

 

2012

 

USA

 

1-10

 

Financial Industry

 

Technology

On-demand investor due diligence reports

Encompass

 

2012

 

UK

 

51-200

 

Financial Industry

 

Technology

KYC software for banking, finance, legal and accountancy businesses.

Fenergo

 

2009

 

Ireland

 

200+

 

Financial Industry

 

Consulting & Technology

Regulatory Onboarding, Client & Counterparty Data Management and Client Lifecycle Management solutions

Global Fund Watch

 

2015

 

Sweden

 

1-10

 

Financial Industry

 

Technology

Counterparty due-diligence with questionnaires integrated

Intelligo Group

 

2014

 

Israel

 

51-200

 

Financial Industry

 

Consulting & Technology

Gathers and analyses data from disparate sources to provide compliance-related information, including due diligence solutions

InvestGlass

 

2014

 

Switzerland

 

11-50

 

Banking Industry

 

Technology

Uses AI to automate the profiling of prospective and existing clients

Invoxis

 

2013

 

France

 

11-50

 

Financial Industry

 

Technology

KYC, Client-Onboarding, AML, DueDil Investigation & Sectorial Analysis solutions

Know Your Customer

 

2015

 

Ireland

 

11-50

 

Financial Industry

 

Technology

Tools for KYC verification using cyber-security technology and international AML databases as well as local micro data-sources.

Kompli

 

2016

 

UK

 

1-10

 

Financial Industry

 

Consulting & Technology

Customer Due Dilligence

KoreConX

 

2013

 

Canada

 

11-50

 

Financial Industry

 

Technology

Platform to organise, manage and share corporate information to facilitate regulatory compliance

KYC-Chain

 

2013

 

Hong Kong

 

1-10

 

Financial Industry

 

Consulting & Technology

KYC-Chain uses distributed ledger technology to provide businesses with secure KYC procedures that gives users ownership of their identity data

KYC3

 

2014

 

Luxembourg

 

1-10

 

Financial Industry

 

Technology

Solution for compliance, counterparty risk management and competitive intelligence.

KYC360°

 

2002

 

UK

 

1-10

 

Financial Industry

 

Technology

Customer Due Dilligence

KYC Exchange Net

 

2013

 

Switzerland

 

1-10

 

Banking

 

Consulting & Technology

Secure communication platform for KYC/CDD purposes

Kyckr

 

2015

 

Ireland

 

11-50

 

Financial Industry

 

Technology

KYC due diligence and customer on-boarding

Mitek

 

1985

 

USA

 

51-200

 

Financial Industry

 

Technology

Mobile identity verification software solutions

muinmos

 

2012

 

Denmark

 

1-10

 

Financial Industry

 

Technology

KYC tool providing businesses with automatic regulatory compliance checks during, and after, the client onboarding process

Onfido

 

2012

 

UK

 

51-200

 

Financial Industry

 

Technology

Identity verification and background checks

OpusDatum

 

2007

 

UK

 

11-50

 

Financial Industry

 

Technology

Focus on economic sanctions, anti-money laundering, anti-bribery & corruption and financial fraud

PassFort

 

2015

 

UK

 

1-10

 

Financial Industry

 

Technology

Customer due diligence (CDD) solution

Risk Ident

 

2012

 

Germany

 

11-50

 

Financial Industry

 

Technology

Anti-fraud solutions

Simple KYC

 

2015

 

USA

 

1-10

 

Financial Industry

 

Technology

Customer onboarding tools

Signyz

 

2015

 

India

 

11-50

 

Financial Industry

 

Technology

Cloud-based real-time client authentication using AI and cryptography

Trade Informatics

 

2007

 

USA

 

11-50

 

Financial Industry

 

Consulting & Technology

Cloud-based trade counterparty management solution to meet regulatory compliance

Tradle

 

2015

 

UK

 

1-10

 

Financial Industry

 

Technology

Incorporates blockchain technology to facilitate and simplify user-controlled KYC

TransparINT

 

2013

 

USA

 

1-10

 

Financial Industry

 

Technology

Money laundering and financial crime public risk information

Trulioo

 

2011

 

Canada

 

11-50

 

Financial Industry

 

Technology

Identity verification solutions for Anti-Money Laundering (AML) and Know Your Customer (KYC) processes

Trunomi

 

2014

 

USA

 

11-50

 

Financial Industry

 

Technology

Interact with customer personal data using a consent-based data sharing platform

↑ Back to menu

 Compliance

Real time monitoring and tracking of current state of compliance and upcoming regulations

Company Name

 

Inception

 

Location

 

People

 

Target Industry

 

Service

Aesthetic Integration

 

2014

 

UK

 

11-50

 

Financial Industry

 

Technology

Analyses financial algorithms to ensure regulatory compliance

Albany Group

 

2015

 

UK

 

1-10

 

Financial Industry

 

Technology

Albany's Conect platform makes governance and oversight of third parties effortless

Alyne

 

2015

 

Germany

 

1-10

 

Financial Industry

 

Technology

Software as a Service for Cyber Security, Risk Management and Compliance

Aprivacy

 

2015

 

Canada

 

11-50

 

Financial Industry

 

Technology

Information security and tracking service. Secure e-statement, secure document sharing and email

AssetLogic

 

2014

 

Luxembourg

 

11-50

 

Investment Funds

 

Technology

Online central repository for investment data and documents

AxiomSL

 

1991

 

USA

 

200+

 

Financial Industry

 

Consulting & Technology

OIntegrated risk and regulatory compliance platform

Behavox

 

2014

 

UK

 

11-50

 

Financial Industry

 

Technology

Compliance reporting and assessment tools, holistic employee monitoring and risk scoring

Bigcontrols

 

2014

 

USA

 

1-10

 

Financial Industry

 

Technology

Automated tracking, reporting, and compliance management for government incentives

Capnovum

 

2014

 

UK

 

1-10

 

Financial Industry

 

Technology

Regulatoy watch based on artificial intelligence and automation

Checkrecipient

 

2013

 

UK

 

11-50

 

Financial Industry

 

Technology

Artificial intelligence and machine learning tool to analyse historical email data and automatically identify anomalies

ClearMash

 

2008

 

Israel

 

11-50

 

Financial Industry

 

Technology

Real time knowledge discovery solution for "Proactive compliance assurance" and "Governance & Regulation Intelligence"

ClauseMatch

 

2012

 

UK

 

11-50

 

Financial Industry

 

Technology

Online document management and collaboration for Compliance, Legal, Finance, Operations and Risk teams

Comply365

 

2008

 

USA

 

51-200

 

Financial Industry

 

Technology

SaaS platform for real-time data analytics, audit and flexible reporting, regulatory compliance tracking

ComplySci

 

2003

 

USA

 

11-50

 

Financial Industry

 

Technology

Monitor employee risk and automate code of ethics compliance

Continuity Control

 

2008

 

USA

 

51-200

 

Financial Industry

 

Technology

Continuity automates the compliance management process, offering workflow solutions and regulatory alerts.

CoVi Analytics

 

2015

 

UK

 

1-10

 

Financial Industry

 

Technology

Regulatory compliance solution and workflow management

CUBE

 

2012

 

UK

 

51-200

 

Financial Industry

 

Consulting & Technology

Compliance regulatory watch and risk assessment

Darktrace

 

2013

 

UK

 

200+

 

Financial Industry

 

Consulting & Technology

Its Enterprise Immune System technology uses AI and machine learning to detects and responds to previously unidentified threats Data Security

Datactics

 

2007

 

UK

 

11-50

 

Financial Industry

 

Technology

Risk and compliance data management

DerivativesTech

 

2015

 

Germany

 

11-50

 

Financial Industry

 

Technology

Automated production of PRIIPs KIDs

Droit 

 

2012

 

USA

 

11-50

 

Financial Industry

 

Technology

Provides real-time and automated regulatory compliance intelligence for financial instruments trading

Drooms

 

2001

 

Germany

 

51-200

 

Financial Industry

 

Technology

Data room provider that allows highly secured access to confidential documents and safe third party access

Flextrade

 

1996

 

USA

 

200+

 

Financial Industry

 

Technology

Order management system for trading with build in compliance tools

FundApps

 

2010

 

UK

 

11-50

 

Investment Funds

 

Consulting & Technology

Automated shareholding disclosure and investment restrictions

FusionATCM

 

2015

 

Netherlands

 

1-10

 

Financial Industry

 

Technology

Trade management platform with compliance management and regulatory reporting components

Gecko Governance

 

2014

 

Ireland

 

1-10

 

Investment Funds

 

Technology

Governance management tool

GFA

 

2014

 

Luxembourg

 

11-50

 

Investment Funds

 

Consulting & Technology

Data management platform that provides full oversight capabilities to ensure effective and compliant fund distribution activities

Governance.io

 

2011

 

Luxembourg

 

1-10

 

Investment Funds

 

Technology

Governance, Risk and Compliance (GRC) solution dedicated to Investment Fund professionals

GRC Solutions

 

1999

 

Australia

 

11-50

 

Financial Industry

 

Consulting & Technology

Online legal compliance training and compliance reviews

Greenkey

 

2013

 

USA

 

11-50

 

Financial Industry

 

Technology

Voice-driven collaboration platform with data analytics and workflows

Helm

 

2015

 

USA

 

1-10

 

Financial Industry

 

Technology

Real-time compliance analysis, connecting businesses with compliance solutions and regulators

Idisclose

 

2015

 

USA

 

1-10

 

Financial Industry

 

Technology

Web-based application to generate legal and regulatory documents for entrepreneurs raising capital

KeeSystem

 

2009

 

Monaco

 

1-10

 

Financial Industry

 

Consulting & Technology

Platform to manage compliance and generate reports

Neota Logic

 

2010

 

USA

 

11-50

 

Financial Industry

 

Technology

Legal end compliance applications

Netguardians

 

2007

 

Switzerland

 

11-50

 

Financial Industry

 

Technology

Automated compliance management software and real-time human behaviour analysis to detect fraud

Neurensic

 

2015

 

USA

 

11-50

 

Banking Industry

 

Technology

Legal end compliance applications

Quarule

 

2014

 

USA

 

1-10

 

Financial Industry

 

Technology

Compliance and Risk Control tool

Qumram

 

2011

 

Switzerland

 

11-50

 

Banking

 

Technology

Digital audit trail of all online, mobile, and social interactions

Red Marker

 

2015

 

Australia

 

1-10

 

Financial Industry

 

Technology

Automatic analysis of digital marketing content for compliance risk and workflow solutions for remediation

REGtify

 

2016

 

UK

 

1-10

 

Investment Funds

 

Technology

Regulatory Technology Solutions

Seqvoia

 

2012

 

Luxembourg

 

11-50

 

Investment Funds

 

Consulting & Technology

Advanced fund data tools, including automated document creation for KIIDs, PRIIPs KIDs, factsheets and fund prospectuses

Suade

 

2014

 

UK

 

11-50

 

Banking

 

Technology

Regulatory Technology Solutions

TheMarketsTrust

 

2013

 

Luxembourg

 

11-50

 

Financial Industry

 

Consulting & Technology

Regulatory Technology Solutions

Tillr

 

2015

 

UK

 

11-50

 

Financial Industry

 

Technology

Web-app that automates and optimises audits, assessments and inspections to assist with regulatory compliance

ViClarity

 

2008

 

Ireland

 

1-10

 

Financial Industry

 

Technology

Enterprise risk management and compliance system

Vigitrust

 

2003

 

Ireland

 

11-50

 

Financial Industry

 

Consulting & Technology

Cloud-based risk and compliance portals

Voitrax 

 

2014

 

USA

 

11-50

 

Financial Industry

 

Technology

Analyses voice and other trading communication data to ensure compliance with Dodd-Frank and other regulatory requirements

WordFlow

 

2013

 

Australia

 

11-50

 

Financial Industry

 

Technology

Converts rules and regulations from pre-web formats into mobile optimised webpages and links them to related regulations and legislation

↑ Back to menu

 Transaction Monitoring

Solutions for real time transaction monitoring and auditing. Leverage the benefits of distributed ledger through Blockchain technology and cryptocurrency

Company Name

 

Inception

 

Location

 

People

 

Target Industry

 

Service

Alto

 

2009

 

Luxembourg

 

1-10

 

Financial Industry

 

Consulting & Technology

Identification of unusual and significant cash flows in investment funds under UCITS and AIFMD

Ancoa

 

2010

 

UK

 

11-50

 

Financial Industry

 

Technology

End-to-end integrity validation to prevent risks of market abuse, fraud and operational shortcomings

Chainalysis

 

2014

 

USA

 

11-50

 

Financial Industry

 

Technology

Real time analysis of blockchain transactions and the customers behind the transactions

Elliptic

 

2013

 

UK

 

1-10

 

Financial Industry

 

Technology

Identification of illicit activity on the Bitcoin blockchain

Feedzai

 

2009

 

USA

 

51-200

 

Financial Industry

 

Technology

Incorporates Big Data and machine learning AI to combat fraud and meet compliance in real-time

IdentityMind Global

 

2011

 

USA

 

51-200

 

Payments & Money Transfer

 

Consulting & Technology

Risk management solutions to track entities involved in every transaction

Isignthis

 

2014

 

Australia

 

11-50

 

Payments & Money Transfer

 

Consulting & Technology

Real time electronic verification of payment instruments with KYC identification of customers, delivering AML/CFT KYC, payments and transaction monitoring

Message Automation

 

2003

 

UK

 

11-50

 

Financial Industry

 

Technology

Post trade control solutions

Monetsu

 

2013

 

USA

 

1-10

 

Payments & Money Transfer

 

Technology

Solutions for crypto-currencies using an independent approach to blockchain

Neuroware

 

2014

 

Malaysia

 

51-200

 

Payments & Money Transfer

 

Technology

Blockchain and distributed ledger solutions

Paymentscompliance

 

2013

 

UK

 

11-50

 

Payments & Money Transfer

 

Consulting & Technology

Publication of legal and regulatory changes affecting the global and emerging payments communities

Polycoin

 

2014

 

Israel

 

1-10

 

Financial Industry

 

Technology

Risk management and compliance solutions for financial services to manage digital identities and process virtual currencies transactions

Scorechain

 

2015

 

Luxembourg

 

1-10

 

Financial Industry

 

Technology

Business intelligence and big data for the blockchain technologies

Skry

 

2014

 

USA

 

1-10

 

Payments & Money Transfer

 

Technology

Blockchain analytics and intelligence

SnapSwap

 

2015

 

Luxembourg

 

11-50

 

Payments & Money Transfer

 

Technology

Innovative financial products based on cryptographic technologies, cryptocurrencies, and blockchain

Sysnet Global Solutions

 

1989

 

Ireland

 

200+

 

Financial Industry

 

Consulting & Technology

Cyber security and compliance solutions

Tradeflow

 

2014

 

Ireland

 

1-10

 

Financial Industry

 

Technology

Track trade data over legacy infrastructure and risk alerting

Trapets

 

2000

 

Sweden

 

11-50

 

Financial Industry

 

Technology

Automatic transaction surveillance and compliance for the financial industry

Trustev

 

2013

 

Ireland

 

11-50

 

Financial Industry

 

Consulting & Technology

Anti-fraud solution

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