Written by Natasha Wren • Published 3rd December 2019 • 3 minute read

With 2020 right around the corner, the stage is set for global industry leaders to gather at Fintech Connect and explore the top agenda items for the road ahead. The pace of game-changing innovation is faster than ever before, and this year’s event will see businesses racing to lay the foundation for more seamless digital experiences across the next decade.

A new dawn for cross-border payments

Wholesale cross-border payments between financial institutions and beyond is set for unprecedented change. It’s clear to see that as more of the biggest players invest in this sector, the way we transact payments is being reconceptualised to become more transparent, seamless but most importantly instant.

To fully realise the rapid growth of the sector, industry silos must be overcome to re-examine the challenges of multiple currency systems and regulatory jurisdictions. At Fintech Connect industry experts will address the changing dynamic of the cross-border lifecycle and discuss the latest approach towards more effective compliance.

Making regulation work for innovation

This year’s Fintech Connect will see multiple discussions around how to accommodate and adapt to changing regulations and compliance whilst achieving a frictionless customer experience. For customers and firms to be protected from fraud and money laundering, innovation and regulation must be intimately tied, balanced and agile to extract real business value.

Data quality is the priority

Those attending this year’s event will place added emphasis on richer, cleaner and more structured data to remedy many of the pain points created by missing or incomplete data. With processes like straight-through-processing (STP) being more widely adopted in the payments space, the quality of data analytics to validate information ahead of time is crucial. We can anticipate a key talking point will be around the right function to ensure data hygiene and guarantee compliance across the board.

RegTech set to soar

Compliance, security, and risk management are undergoing transformation and the tremendous uptake of RegTech solutions is a key indicator of its importance in the sector. Globally financial institutions are seeking out RegTech providers to modernise their compliance function to ensure the complexities of regulatory requirements don’t compromise innovation.

Taking up the mantle of being the leading compliance solutions to meet the necessary steps above, these are the RegTech companies we’re keeping an eye out for looking forward.

RiskSave Compliance

Mature plug and play solution provider, RiskSave Compliance, is transforming how advisory firms, wealth managers and investment banks fulfil their compliance obligations. By taking charge of regulatory processes and reporting, RiskSave Compliance provides a customised service to support business activity to ensure firms remain compliant as market conditions change. RiskSave is also a frontrunner in tackling the challenge fund managers face in producing a Key Investor Document ‘KID.’ RiskSave is uniquely positioned to undertake a prescriptive quantitative analysis of deal documentation to the end buyer on an ongoing basis to reduce regulatory risks.

W2 Global Data

Founded in 2011, W2 Global Data provides a wide range of Platform as a Service (PaaS) tools to ensure organisations can access a myriad of data sources to conduct regulatory Anti-Money Laundering (AML) standards, Know Your Customer (KYC), and Fraud prevention due diligence. Its mission is to completely transform how financial services and payment companies verify identity and counter online fraud. With greater access to thousands of commercial and international government data sources, W2 provides an enhanced investigative service in real-time making meeting regulatory requirements quick and simple.

HelloSoda

A Manchester-based big data company, HelloSoda provides an advanced analytics software solution to global clients across six continents. The company has shown impressive growth with a client roster boasting the likes of Visa Europe. It is on a mission to provide thorough analysis of customers’ digital footprint to combat fraud and showcase how data is being used to determine their likelihood for loan and mortgage approvals.

Datactics

Belfast software company, Datactics supports banks in measuring and improving data quality. Using its RegMetrics solution, banks can carry out internal and external reporting with richer data and actionable insights deriving greater business value. Datactics brings order and control for firms required to meet the stringent financial regulations of MiFID II and FSCS, for example. The solutions Datactics have developed offer continuous data quality measurement for any department or enterprise level, with a host of targeted data mapping and matching exercises available.

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