The challenges regtech providers face in creating effective tools shouldn’t be passed on to advisers, technology company founder Lane Cipriani says. It is the responsibility of the providers to find products for the market, regardless of how difficult that may be, he asserts. Cipriani, executive director of TIQK – a company that scans advice documents for compliance – takes exception to the view, expressed by Matt Symons, chief executive of fellow regtech provider Red Marker, that advisers should come together and form more cohesive guidelines on documents so providers can create more effective tools. “It [isn’t] so much a knock against Matt Symons,” Cipriani says. “I just feel like taking […]
Microsoft will push its artificial intelligence technology deeper inside banks and use its membership of the RegTech Association to show regulators how AI could improve bank compliance to respond to problems exposed by the banking royal commission. Microsoft has just joined the RegTech Association, an industry group driving collaboration between banks, government and start-ups, as the technology giant increases the focus on regulatory compliance applications available on its Azure cloud services. Duncan Taylor, director of financial services at Microsoft, said its artificial intelligence technology could allow banks to identify transactions or advice in breach of ever more complex and onerous laws and regulation. It wants to become a bridge between […]
GBG, global identity data intelligence specialist, has announced a new partnership with FPT, the leading IT services provider in Southeast Asia, to deliver fraud and compliance solutions to the Vietnam market. The partnership marks an important step in GBG’s expansion into Vietnam and is indicative of the organisation’s commitment to grow its portfolio in Asia Pacific. GBG supports some of the world’s largest financial services organisations with fraud prevention and compliance management solutions and services, many of which have a footprint in Vietnam. By working with FPT’s regional experts and robust technology team, GBG can deliver an enhanced experience for new and existing clients in Vietnam through swift, seamless solution […]
KPMG and EY highlight Australia’s big four banks must balance ongoing compliance costs with continued spending in technology or face being left behind when it comes to innovation. In their post FY18 analysis of Australian bank results, KPMG and EY point to several compliance and technology headwinds facing the sector and suggest cost discipline will be a major focus. It means more restructures and simplifications. KPMG partner, banking strategy, Hessel Verbeek said not only have various compliance and remediation costs translated into higher cost-to-income ratios, “the majors’ investment spend in risk and compliance projects is also up strongly and in most cases investments on growth initiatives has decreased in a […]
TIQK, a RegTech SaaS company based in Sydney, Australia and focused on the automation of both adviser & licensee compliance to customers, today announced a strategic partnership with Enzumo, the largest independent XPLAN consulting group in Australia. On announcing their first strategic partnership, TIQK CEO Steve Thomson said, “We are excited to partner with Enzumo, an organisation who pride themselves on helping advisers to deliver efficiencies, improve productivity and enhance processes. At TIQK we believe that the way to a better financial services industry is to augment human experts with intelligent technology, and this partnership aligns strongly to that core belief.” Peter Worn, Enzumo’s Head of Strategic Relationships said “We […]
Accenture has launched a new Innovation Centre for Risk and Compliance in Sydney to help financial services clients quickly develop and scale advanced data, analytics and artificial intelligence (AI) capabilities. With financial services organisations facing an increasingly complex and challenging operating environment, the new innovation centre will help these institutions cost effectively improve the quality and consistency of compliance and enhance transparency with customers and regulators. Offering an alternative to the traditional manual and labour-intensive approaches to regulatory compliance, the innovation centre will help clients better target problem areas and accelerate remediation efforts using a new generation of data management, intelligent automation and advanced analytics capabilities, powered by big data, cloud […]
Max ID launches Australian-first digital technology that provides ‘safe harbour’ identity verification for property transactions in less than 10 minutes.
Max ID, an Australian Fintech facilitator and RegTech specialist, has today publicly launched a technology solution that it believes will bring a broad range of industry players a step closer to their aim of delivering simple, efficient and inexpensive same-day ‘safe harbour’ identity verification for mortgages and property services transactions. Financial institutions and non-bank mortgage lenders have long been endeavouring to provide intra-day, unconditional home loan approvals. There are a number of hurdles to achieving that outcome in Australia, including the requirement to conduct a face-to-face and in-person interview with the borrower to meet regulatory requirements. Until now that requirement has created a conflict between delivering regulatory ‘safe harbour’ outcomes, […]