{"id":15530,"date":"2019-07-08T16:58:26","date_gmt":"2019-07-08T16:58:26","guid":{"rendered":"https:\/\/rsoftsolution.com\/blog\/the-startups-creating-the-future-of-regtech-and-financial-services.html"},"modified":"2019-07-08T16:58:26","modified_gmt":"2019-07-08T16:58:26","slug":"the-startups-creating-the-future-of-regtech-and-financial-services","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/the-startups-creating-the-future-of-regtech-and-financial-services.html","title":{"rendered":"The startups creating the future of RegTech and financial services"},"content":{"rendered":"

Technology has been<\/span> used to manage regulatory risk since the advent of the ledger book (or the Bloomberg terminal, depending on your reference point). However, the cost-consciousness internalized by banks during the 2008 financial crisis combined with more robust methods of analyzing large datasets has spurred innovation and increased efficiency by automating tasks that previously required manual reviews and other labor-intensive efforts.<\/p>\n

So even if RegTech wasn\u2019t born during the financial crisis, it was probably old enough to drive a car by 2008. The intervening 11 years have seen RegTech\u2019s scope and influence grow.<\/p>\n

RegTech startups targeting financial services, or FinServ for short, require very different growth strategies \u2014 even compared to other enterprise software companies. From a practical perspective, everything from the security requirements influencing software architecture and development to the sales process are substantially different for FinServ RegTechs.<\/p>\n

The most successful RegTechs are those that draw on expertise from security-minded engineers, FinServ-savvy sales staff as well as legal and compliance professionals from the industry. FinServ RegTechs have emerged in a number of areas due to the increasing directives emanating from financial regulators.<\/p>\n

This new crop of startups performs sophisticated background checks and transaction monitoring for anti-money laundering purposes pursuant to the Bank Secrecy Act, the Office of Foreign Asset Control (OFAC) and FINRA rules; tracks supervision requirements and retention for electronic communications under FINRA, SEC, and CFTC regulations; as well as monitors information security and privacy laws from the EU, SEC, and several US state regulators such as the New York Department of Financial Services (\u201cNYDFS\u201d).<\/p>\n

In this article, we\u2019ll examine RegTech startups in these three fields to determine how solutions have been structured to meet regulatory demand as well as some of the operational and regulatory challenges they face.<\/p>\n

Know Your Customer and Anti-Money Laundering<\/h2>\n

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Article source: http:\/\/feedproxy.google.com\/~r\/techcrunchIt\/~3\/o9XuoDLjBmI\/<\/p>","protected":false},"excerpt":{"rendered":"

Technology has been used to manage regulatory risk since the advent of the ledger book (or the Bloomberg terminal, depending on your reference point). However, the cost-consciousness internalized by banks <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19],"tags":[25],"class_list":["post-15530","post","type-post","status-publish","format-standard","hentry","category-enterprise-software","tag-enterprise"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t