As with Our governance, Compliance and Risk month winds down, Information Age Appears at the Very Best RegTech Businesses operating in the United Kingdom RegTech, or regulatory engineering, is a relatively new field of IT. RegTech businesses intend to hasten regulatory procedures using capabilities like data that is big, analytics, and the cloud.
The business’s functions involve compliance, monitoring, and reporting and are completed in cooperation with financial institutions and regulatory bodies.
Taking some workload from funding departments within companies, RegTech suppliers work to ensure that businesses do not get jaded by regulators.
With this in mind, let’s take a look at the top 5 RegTech companies currently operating in the UK.
Quantexa is a vast information and analytics provider, the RegTech providers of including anti-money laundering (AML) and understand your client (KYC) capacities powered by AI.
AML is supplied for tracking markets and trade, while its KYC version builds real-time community circumstances to provide single views of consumers.
Insight is supplied to users utilizing real-time thing resolution, a service that’s aided with a strategic partnership with Accenture.
2. Steel Eye
By aggregating and assessing both unstructured and structured information across all asset types and communicating kinds, compliance becomes simplified. With everything under a single lens, you gain new insight into your organization, assisting you to improve efficiency and endurance.
SteelEye brings together a wealth of information under a single lens to permit businesses to meet regulatory requirements.
SteelEye’s comprehensive RegTech suite is made up of recording keeping, MiFID II, along with EMIR reporting, communications and trade surveillance, commerce reconstruction, best implementation, and trade cost analysis.
3. Clause match
The software-as-a-service (SaaS) system provided by Clausematch intends to streamline regulatory operations that are necessary.
The organization graduated from Barclays‘ inaugural accelerator program in 2014.
Its essential services include a coverage portal and management capacities, in addition to AI-powered content mapping.
4. Comply Advantage
With its platform, customers and instances can be tracked, and users may send alarms out across in house systems utilizing its application programming interface (API).
ComplyAdvantage is a RegTech company that collects AML information from approximately 10,000 data resources, such as Interpol’s watch list and global sanctions.
Created by AI and machine learning, ComplyAdvantage’s portfolio of AML solutions comprises onboarding & tracking and payment screening.
The services provided by SaaS firm Onfido concentrate on identity and record verification and cater to AML and KYC requirements.
AI-powered biometrics have been utilized to reinforce document verification, fitting files such as driver’s licenses for their owners to determine validity.
Onfido’s providers are offered for businesses working in financial services, marketplaces and communities, gambling, transportation, and e-commerce businesses.