EMTECH, a reg-tech startup announced a new software product called Beyond Compliance, to help financial service providers (FSPs) automate and manage regulatory compliance in one place.
Details
The Product Beyond Compliance provides users with regulatory checklists and workflows to enable and guide them through compliance processes.
By simply selecting their regulator or jurisdiction and providing a few details, users can standardize and automate compliance activities.
EMTECH designed the compliance product to increase business efficiency and reduce labor costs while reducing fragmentation and manual processes.
Because this matters
Regulatory compliance is imperative for FSPs as fines for non-compliance can run into the billions of dollars. Beyond Compliance helps users stay ahead of regulatory issues before they lead to fines, license loss, bankruptcy or closure.
As fraud, identity theft and money laundering are on the rise, a recent report by McKinsey & Company, “The Future of the Payments Industry: How Risk Management Can Drive Growth” notes that service providers should “modify their risk management programs to protect their revenue and improve regulatory compliance. This may include improvements to release management, due diligence processes, risk appetite regulation or risk identification processes.”
Because this matters
“If fintech is to become more resilient and effective in protecting consumers today and in the future, we need to rethink how compliance is managed compared to how it is done today. With highly fragmented regulatory requirements, risk monitoring and reporting methods, a more comprehensive compliance management platform is an essential tool for survival and growth” he notes Carmelle CadetCEO and Founder of EMTECH.
“Regulatory compliance can be a complex task for FSPs. EMTECH’s Beyond Compliance is designed to help fintechs manage their compliance requirements, across one or more markets, monitor their compliance status and provide a level of regulatory visibility required by Central Bankers and regulators“, says Stephen DickensChief Technology Advisor at The Futurum Group.
The Beyond Compliance product provides “an excellent user experience, it is a customizable solution. The product is detailed and very effective in ensuring compliance with the regulatory directives,” says beta user Kwasi Ofei, Head of Compliance at Juni Payments.
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