While the name is new, the application of ‘technology’ to address regulatory challenges has existed for some time.
But what is RegTech? And why should it matter to you?
Regulation is often viewed as being a burden on your business, however the ‘red tape’ is indeed necessary. Regulation protects the integrity and stability of society, cutting off the resources available to terrorists, and making it more difficult for those engaged in crime to profit from their criminal activities.
Due to the increasing levels of regulation and a greater focus on data reporting, businesses now demand reliable, secure and cost-effective regulatory solutions.
Thus we see the emergence of RegTech.
According to a report from Deloitte Ireland Is Regtech The New FinTech [Source], RegTech companies typically have four characteristics: agility, speed, integration and analytics.
With RegTech, regulatory compliance should no longer be seen as a burden to your business but as a competitive advantage.
Embracing RegTech solutions will enable you to automate compliance checks, streamline operations and ultimately reduce the risks associated with meeting compliance and reporting obligations.
Among the notable benefits, RegTech companies provide senior executives with “an opportunity to introduce new capabilities that are designed to leverage existing systems and data to produce regulatory data and reporting in a cost-effective, flexible and timely manner without taking the risk of replacing/updating legacy systems,” [Source].
As a true RegTech business, here at Contego, we can automate your AML, KYC and compliance processes in real-time, whilst improving the cost-efficiency of required operations.
We allow you to check people, companies and ID documents in seconds - via a single API.
RegTech is a huge opportunity to bring clarity and control to your compliance processes that can often be cumbersome and time-consuming.
Watch the latest video where our CEO, Adrian Black, talks about the value of RegTech and how Contego can assist you.
If you want to join the RegTech revolution book a demo or call us on +44 (0) 207 717 5213.