RegTech companies to watch out for in Europe

By Joy Dumasia

RegTech or Regulatory Technology is a technology that allows firms to easily adapt to the pressure of increasing regulatory reporting while being cost-effective and secure. This technology enables companies to automate the process of monitoring data. RegTech simplifies the process of regulatory requirements.

RegTech uses many cutting-edge technologies such as artificial intelligence, big data, cloud computing, machine learning, to name a few, which ensure companies are more effective in reaching regulatory compliance. RegTech has helped to minimise the risk of human error by automating the processes.

The following are RegTech companies to watch out for in Europe:

• TruNarrative

UK-headquartered TruNarrative facilitates multi-jurisdiction customer onboarding, financial crime detection, risk & regulatory compliance. It provides unified decisioning across; Identity Verification, Fraud, eKYC, AML & Account Monitoring via a single API.

RegTech TruNarrative aims to transform the Fraud Management and Compliance of eKYC and AML through its unified Financial Crime platform, bringing the best of data science to ambitious companies of all sizes. The system uses machine learning to deliver the best blend of human judgement and automation.

IBS Intelligence recently reported that TruNarrative and ieDigital had joined forces to facilitate digital transformation and provide cutting edge customer onboarding and monitoring processes, reducing account opening time to less than four minutes. The partnership will provide banks, and mutual societies access to ID verification, eKYC, AML and account monitoring technology.

• Fenergo

Irish FinTech Fenergo is a provider of client onboarding lifecycle management software for corporate, investment and private banks. The RegTech and its onboarding technologies span front and middle office operations are intending to provide banking clients with an end-to-end client lifecycle management solution that includes compliance and banking process management such as onboarding compliance, legal entity data management, product onboarding, collateral management, client servicing, and credit mitigants and collateral management.

Recently IBS Intelligence reported that Fenergo, the provider of Know Your Customer (KYC) and Client Lifecycle Management (CLM) software solutions for financial institutions, has announced the conclusion of its acquisition by Astorg and Bridgepoint. The transaction was completed following approval by the European Commission.

• Onfido

Founded in 2012, Onfido is a software company that helps businesses verify people’s identities using a photo-based identity document, a selfie and artificial intelligence (AI) algorithms. Onfido provides identity verification through its online platform. The company uses manual and automated machine learning (ML) technologies, including optical character recognition and face detection, to compare and cross-reference a person’s facial biometrics with their identity document to prevent fraud.

IBS Intelligence recently reported that Onfido, the customer identity verification and authentication provider, announced Onfido Face Authenticate, adding a seamless biometric face authenticator and new security tools, including Onfido Private Key Encryption, to its Real Identity Platform. The company said that the new product suite provides businesses with the high assurance they need to prove their customers are who they say they are in a remote setting without compromising user experience or privacy.

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