FinTechs know now that automation can be a key to success. So it is with compliance and risk.
Know your customer (KYC) could also mean “know your culpability.”
Software as a Service (SaaS) is a key conduit to making sure that at least some business operations can be automated. Paper gives way to bits and bytes.
Ah, but the regulatory environment is fluid enough that things seem to change daily, depending on where you look. The initial coin offering (ICO) is lauded in some circles, vilified in others.
Manual processes, phone calls and self-education efforts just cannot keep up with commerce that is constant and global in scope. Compliance and risk officers have the unenviable task of finding out, sometimes after the fact, that not all the boxes are checked — if they even knew the boxes were there for checking in the first place.
IdentityMind Global has debuted the RegTech Webstore, billed as a RegTech online marketplace.
The marketplace enables firms to integrate regulatory compliance functions directly into their own offerings. The à la carte approach allows companies to get what they need when they want it.
The store is self-serve. IdentityMind customers can select a plugin, try a demo, pay with a credit card and be off and running. There also is what is being billed as a “plugin knowledge base” that offers implementation and reference guides, along with videos.
In an interview with PYMNTS, Jose Caldera, who serves as chief product and marketing officer for the company, said “self-service” is a nod to a sea change among tech executives seeking to get a grasp on compliance needs.
Find out here.