Top developments in Europe’s RegTech sector in 2021

By Megha Bhattacharya

RegTech is the management of regulatory processes within the financial industry through technology. The main functions of RegTech include regulatory monitoring, reporting, and compliance.

Europe is home to about 140 RegTech startups- 30% of those startups specialize in compliance management, 27% focus on know your customer (KYC) and anti-money laundering (AML) automation, and 26% leverage technology and data to provide risk management tools, according to a data provided by XAnge, a Franco-German venture capital firm.

Here are the top developments in Europe’s regulation technology sector in 2021 –

Partnerships

• RegTech TruNarrative recently announced that the Swedish banking platform Juni selected its services for onboarding and compliance technology. TruNarrative aims to offer successful onboarding and client monitoring services to Juni. The partnership is expected to deliver full access to the TruNarrative solution and its capabilities for; client onboarding, identity verification, Pep’s, sanctions, adverse media monitoring, and ongoing risk monitoring of individual and business customers.
• TruNarrative also teamed up with identity document solutions provider TrustID in a bid to integrate the expert document review service into the former’s platform. The collaboration is expected to offer an expert document review into the RegTech’s onboarding strategies, verify identity, detect fraudulent documentation and gain insight on informed onboarding decisions.

Product launches

• RegTech Corlytics announced this month, the launch of the payment regulation tracker for Payment Service Providers (PSPs). The Payments tracker provides a single view of all emerging payments regulation across the globe in a single location with interactive elements including sliding time windows and slice and dice functionality.
• Financial crime, risk and compliance solutions provider Plenitude announced the launch of Plenitude RegSight, a cloud-based Financial Crime Compliance (FCC) obligations management solution. The new RegTech tool will provide a cloud-based technology platform to identify and manage FCC obligations, improve operational efficiency and drive more effective financial crime risk management.
• RegTech firm kompany announced the launch of a new anti-money laundering compliance solution in a bid to ease ultimate beneficial ownership (UBO) discovery for regulated entities across the world. The company developed its latest product to simplify the search and discovery process of shareholders through the application of its category-focused artificial intelligence engine.

READ MORE: UK Financial Services Technology Market Overview by IBS Intelligence