RegTech Roundup – July

July fun fact, in July 1981 IBM’s first desktop computer, the System/23 Deskmaster was introduced, how many of you can remember the early days of tech? Nowadays we have computers that evolve their own learning and can mimic humans! For some of us that has been a lifetime, but what a lifetime and evolution to have been part of. Whatever will come next, because you can guarantee one thing, tech just keeps coming, we just need to harness it appropriately and ethically, not always a could we , but also with a should we.

RegTech Innovation – Vincent McCartney

Cloudcheck’s PEP & Sanction On-Going Monitoring (“OGM”) solution has had some major upgrades based on customer feedback. The OGM service enables entities to automate the monitoring of their high risk customers, mitigate financial crime risks, ensure regulatory adherence, and protect their reputation in the dynamic financial landscape. Some of its key features include:

• Comprehensive Data Coverage: Utilises a vast network of global data sources to identify and mitigate risks associated with high-risk individuals.
• Real-Time Screening: Enables quick identification and management of compliance risks through real-time customer profile checks, enhancing efficiency.
• Configurable Alerts: Allows configurable rule settings for suspicious activity, supporting proactive risk management and timely interventions.
• Audit Trails and Reporting: Provides robust audit trails and detailed reports to ensure regulatory compliance and transparency.

If you’re looking to implement an OGM service to keep on top of your high risk clients, then check out this New Zealand based RegTech’s solution.

Open Banking

The first milestone for the Payment NZ Open Banking Minimum Implementation Plan has arrived. ANZ, ASB, Westpac and BNZ all have payment APIs ready for use. Whoop!

One of the most exciting aspects of this milestone is the potential to transform the way we make (or accept) payments. Imagine never having to manage debit or credit card payment details ever again! With open banking your customers can easily make a one-off payment to you directly from their bank account, which is a lower-cost payment option for you. It’s a win-win!

In addition, a second milestone is due on November 30 2024, when these same banks are due to have their account information APIs ready for use. At that point, you’ll also have the option to obtain your customer’s bank account details, such as balances and transactions, directly from their bank. These APIs may help you automate manual processes and remove handling required to receive and verify banking documents – instead you can get it from the source.

Further milestones will be agreed in due course, adding features such as enduring (repeated) payments or additional information like statements or customer details.

Whatever your business, if you accept payments or need financial information about your customers, Open Banking is worth exploring.

Diversity

One of our co-founders, Prue Tyler, was involved in creating this excellent report on diversity across the financial ecosystem.

The INFINZ board commissioned a report from consultants Cogo and SHIFT Compliance who heard from over 50 stakeholders on the barriers to greater representation and what initiatives that INFINZ and the wider industry could pursue to address these.

Whilst not strictly RegTech, the outcomes of this report can be applied to RegTech and so much of RegTech and the financial ecosystem overlap, therefore we thought it was an important report to make you aware of.

RegTech world – Janet Chenery

News from the North, a little short this month given the 12k mile relocation with 2 dogs in tow but I did get a chance to review this little gem from Koen from The Connector.

Koen has drafted a blog on Navigating RegTech, now if you haven’t been following us for the past 2 years this will largely be new, but otherwise the fact is that the challenges haven’t fundamentally changed and are global. But what Koen does emphasise is the need for RegTech to be part of your strategy. “RegTech is not just a compliance tool; it’s a strategic asset that can transform how businesses approach regulatory challenges”

Koen also goes on to point out that RegTech isn’t just confined to Finance but cuts across all regulated industries the challenges will be similar whether you’re Health or Insurance and they can be solved with tech.

Take a read of the article and ponder, what would make your life easier if… could we..? It’s the first step.

Also keep an eye on our postings we have been working to bring you something that nicely fits into this area too, watch this space…

If you want to know more about what we are doing, and get involved connect with us at RegTech NZ or follow our linkedin page RegTech NZ

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