Fall in love with compliance - Q2 Newsletter

Here's a round up of PassFort news for Q2, all about RegTech and why it's making everyone fall in love with compliance.

Posted by: 
Alexis Fox-Mills
May 5, 2021

May 5, 2021

We think about RegTech... a lot

We think about RegTech a lot, but that's no surprise - we are in love. This wave of RegTech crashing on our shores is at the heart of building trust and lasting customer relationships. And it's making compliance people the darlings of financial services businesses.

Any good relationship is a two-way deal. There is Yin to the Yang. You play to each other's strengths. And that's how we see our RegTech solution working.

Compliance automation does the heavy lifting on the repeat work when it comes to KYC and AML checks. And the workflow brings compliance people in and out at the right times where they add most value. Decisions are made, risks are avoided and drop-offs...what are they?

This way of operating is better for our customers, sure, but it's better for their customers too. New applicants or those going through risk monitoring get a seamless experience. Due diligence is robust but swift, and mutual trust is established.

Read our blog on defining the second wave of RegTech where we talk more about the marriage between compliance automation with human expertise.

The future of UK FinTech

UK FinTech has been a massive success story. Huge growth. Hundreds of jobs. New investment. Millions made. And birthing industries like RegTech. All of which is great, but the foundations of FinTech are, in many ways, built on shifting sands, meaning it needs to keep innovating and adapting to maintain future security.

This is the backdrop for the Kalifa Review, which was commissioned by HM Treasury and was published in February 2021. The review talks about what needs to be done to secure the future place of UK FinTech on a global stage.

We enlisted the help of expert Dr Ruth Wandhofer to breakdown the Kalifa Review so we could understand its proposals, what they mean for the industry and how they could go on to be implemented.

Listen to Ruth in this episode of the PassFort podcast, or get a copy of our written report.

Relationships start with trust

The foundation for any good relationship is trust. When a person or a business applies for one of your products, you need to start the process of establishing trust. You need to verify they are legit; that they are who they claim to be, and that means you need data.

To make good KYC/KYB decisions you need access to good quality data.

Great news - we have partnerships with some of the best data providers out there. We put together this article to help you figure out which checks you might need to run and who is available for integration with PassFort.

Our lovely customers

We are very grateful to all our lovely customers who provide G2 reviews and testimonials and case studies for us. Not only does your support for PassFort make us feel warm inside, your feedback helps us continue to define our RegTech solution.

Special thanks to Financial House who participated in this most recent case study on how we help them solve their complex KYB challenges.

PS - There's always something new going on with the PassFort platform, and you can keep up to date with that via our change log.

Let's get together

If you want to get together to talk about RegTech; what you're trying to achieve in terms of customer journeys; or about compliance automation, please get in touch - we would love to hear from you!


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