EMTECH's Beyond Compliance: The Comprehensive Solution for Automating Regulatory Compliance in Financial Services |
| EMTECH Launches Beyond Compliance: A Unified Solution for Automating Regulatory Compliance for Financial Service Providers Image credit: Nairametrics Facebook |
Reg-tech startup EMTECH has unveiled a new software product, Beyond Compliance, designed to assist Financial Service Providers (FSPs) in automating and managing regulatory compliance in a single platform.
Product Details and Features
Beyond Compliance offers users regulatory checklists and workflows to streamline the compliance process. By selecting their regulator or jurisdiction and providing necessary details, users can standardize and automate their compliance activities. This product aims to increase business efficiency, reduce labor costs, and minimize manual processes and fragmentation.
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| EMTECH Beyond Compliance Image credit: THISDAYLIVE |
Importance of Regulatory Compliance
Regulatory compliance is crucial for FSPs, as fines for non-compliance can amount to billions of dollars. Beyond Compliance helps users preemptively address regulatory issues, preventing potential fines, license revocation, bankruptcy, or business closures. With the rise in fraud, digital identity theft, and money laundering, service providers need robust risk management programs. A recent McKinsey & Company report, “The future of the payments industry: How managing risk can drive growth,” emphasizes the need for enhancements in risk management to protect revenue and improve compliance.
Industry Insights
“If fintech is to grow more resilient and effective at protecting consumers today and in the future, we have to rethink how compliance will be managed compared to how it’s done today,” says Carmelle Cadet, CEO and Founder of EMTECH. She highlights the need for an integrated compliance management platform to handle fragmented regulatory requirements and risk monitoring and reporting methods.
Steven Dickens, Chief Technology Advisor at The Futurum Group, adds, “Regulatory compliance can be a complex task for FSPs. EMTECH’s Beyond Compliance is designed to help fintechs manage their compliance requirements, in one or more markets, monitor their compliance status, and provide a level of regulatory visibility required by Central Bankers and regulators.”
User Experience and Feedback
Beta user Kwasi Ofei, Head of Compliance at Juni Payments, praises the product, stating, “Beyond Compliance provides a great user experience. It is a customizable solution, detailed, and very effective in ensuring compliance with regulatory directives.”
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