3 American RegTech companies to keep an eye on in 2022

By Edlyn Cardoza

The silver lining of the 2008 crushing financial collapse was the rise of regulatory technology, commonly known as RegTech. Within the financial industry, the management of regulatory processes is through technology which is RegTech. The main functions of RegTech are reporting regulatory monitoring and compliance. 

RegTech comprises the power of AI, big data, and even blockchain to reduce financial risk, increase regulatory compliance, and eliminate fraud and laundering. RegTech is already having a significant impact on regulatory compliance. The RegTech industry promises to disrupt the regulatory landscape by providing advanced tech solutions to the growing compliance demands within the financial sector.

RegTech companies have witnessed rapid growth over the last two years, as financial institutions had to deal with remote working, the rising wave of regulatory rules and changes, and rapid growth in the use of digital channels due to COVID-19.

A group of companies in the RegTech industry use cloud computing technology via SaaS, i.e., software-as-a-service, to help companies or businesses comply with regulations less expensively and efficiently. 

Here are 3 American RegTech companies to keep an eye on in 2022:

• Chainanlysis

Chainalysis is a blockchain data platform. They provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. Their data powers investigation, compliance, and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases and grow consumer access to cryptocurrency safely. Backed by Benchmark and other leading names in venture capital, Chainalysis builds trust in blockchains.

• Hummingbird

Hummingbird blends regulatory expertise with modern product design and technology. They have worked as regulators with the Office of the Comptroller of the Currency and examiners with the Treasury. Compliance professionals keep the financial system safe and free of criminal activity, but their heroic work often doesn’t receive the attention or tools it needs. Hummingbird applies design expertise from IDEO, Square, Apple, and other great consumer companies to anti-financial crime efforts.

• Trulioo

Trulioo is a RegTech company. We build and connect digital identity networks around the globe, and this framework of trust empowers businesses to assess the various risks associated with digital identities. Trulioo offers the most robust and comprehensive global identity verification solution in the market. Through one single portal/API, Trulioo can assist you with all your AML/KYC identity verification requirements by providing secure access to over 5 billion identities worldwide. The Trulioo mission of trust, privacy and inclusion is about recreating the trust of a village, but on a global scale.

Also read: Risk Management Systems and Suppliers Report Q2 2024