EMTECH launches new product, ‘Beyond Compliance’ for proactive fintech risk management

Software provider, EMTECH has launched a new software product called ‘Beyond Compliance’, to help Financial Service Providers (FSPs) automate and manage regulatory compliance in one place.

Regulatory Compliance is imperative for FSPs as they can be fined heavily for non-compliance. Beyond Compliance therefore, is to help users stay ahead of regulatory issues before they result in fines, loss of their license, bankruptcy, or closures.

The product provides users with regulatory checklists and workflows to guide them through compliance processes. By simply selecting their regulator or jurisdiction and providing a few details, users can standardize and automate compliance activities.

EMTECH designed the compliance product to increase business efficiency and reduce labour costs while reducing fragmentation and manual processes.

As the incidences of fraud, digital identity theft, and money laundering increase, a recent McKinsey & Company report,” The future of the payments industry: How managing risk can drive growth” notes that service providers should “modify their risk management programs to protect their revenue and improve regulatory compliance. This may include enhancements to issue management, due diligence processes, risk appetite setting, or risk identification processes.”

“If fintech is to grow more resilient and effective at protecting consumers today and in the future, we have to rethink how compliance will be managed compared to how it’s done today. With highly fragmented regulatory requirements, risk monitoring and reporting methods, a more integrated compliance management platform is an essential tool for survival and growth” notes Carmelle Cadet, CEO and Founder of EMTECH.

The Beyond Compliance product provides “a great user experience, it is a customizable solution. The product is detailed and very effective in ensuring compliance to regulatory directives”, says beta user Kwasi Ofei, Head of Compliance at Juni Payments.

More about EMTECH

EMTECH provides software, data and services that connect central banks to other regulators and financial services providers. EMTECH’s platforms power regulatory data exchange, compliance, supervision, currency issuance and currency movement in financial markets. The company was founded and led by a former IBM Blockchain Executive, Carmelle Cadet.