RegTech, or regulatory technology, is a relatively new area of IT. RegTech companies operate for the purpose of accelerating regulatory processes using capabilities such as big data, analytics and the cloud.¬† The sector‚Äôs functions include compliance, reporting and monitoring, and are carried out in collaboration with financial institutions and regulatory bodies.¬† Taking some workload away from compliance departments within businesses, RegTech providers work to ensure that companies don‚Äôt get penalised by regulators.¬† With this in mind, let‚Äôs take a look at the top 10 RegTech companies currently operating in the UK.
Quantexa¬†is a big data and analytics provider, the RegTech services of which include anti-money laundering (AML) and know your customer (KYC) capabilities powered by AI.¬† AML is offered for monitoring trade and markets, while its KYC model builds real-time network context in order to provide single views of customers.¬† Insight is provided to users using real-time entity resolution, a service that‚Äôs assisted by a strategic partnership with¬†Accenture.
SteelEye¬†brings together a wealth of data under one lens to allow organisations to effortlessly meet regulatory needs. SteelEye‚Äôs comprehensive RegTech suite consists of record keeping, MiFID II and EMIR reporting, trade and communications surveillance, trade reconstruction, best execution and transaction cost analysis.¬† By aggregating and analysing both structured and unstructured data across all asset classes and communication types, compliance becomes simplified. And with everything under one lens, you also gain fresh insight into your business, helping you improve efficiency and profitability.
The software-as-a-service (SaaS) platform offered by¬†Clausematch¬†aims to streamline necessary regulatory operations.¬† Its major services consist of a policy portal and management capabilities, as well as AI-powered content mapping.¬† The company graduated from¬†Barclays‚Äò inaugural accelerator programme in 2014.
ComplyAdvantage¬†is a RegTech firm that collects AML data from around 10,000 data sources, including Interpol‚Äôs watch list and international sanctions. Using its platform, clients and cases can be monitored, and users can send alerts out across in-house systems using its application programming interface (API).¬† Powered by AI and machine learning, ComplyAdvantage‚Äôs portfolio of AML solutions includes onboarding & monitoring, and payment screening.
The services offered by SaaS company¬†Onfido¬†focus on identity and document verification, and cater for AML and KYC needs.¬† AI-powered biometrics are used to bolster document verification, matching documents such as drivers licenses to their owners in order to determine legitimacy.¬† Onfido‚Äôs services are available for companies operating in financial services, marketplaces & communities, gaming, transport and e-commerce sectors.
RegTech platform¬†DueDil¬†consists of a database sourced from thousands of sources such as company websites and registry data, which allows compliance teams to carry out reports.¬† By gaining company information, users can determine which companies would be suitable customers.¬† Available as a web platform and an API, DueDil also offers its Business Information Graph (BIG), which makes connections between companies.
- Kompli Global
The RegTech services offered by¬†Kompli Global¬†span fraud prevention, risk mitigation, compliance screening, and reputation protection.¬† Assisted by AI and in-house insight, users can check the background of staff and customers, including compliance with AML regulations.¬† Additionally, if required, Kompli Global has a team of analysts on hand to provide extra assistance with Enhanced Due Diligence (EDD).
FundApps‚Äò outsourced, managed service combines a powerful rules engine with a dedicated team of compliance experts and legal information from¬†aosphere¬†and other regulatory data sources.¬† The service also provides pre-populated disclosure forms in an aim to crack down on possible human compliance-related errors.¬† FundApps‚Äô services automate the monitoring and reporting of shareholding disclosures, position limits and disclosure thresholds for sensitive industries.
Formerly operating under the name Contego,¬†NorthRow¬†focuses on AML compliance by verifying identification and through the examination of clients.¬† As well as customer onboarding and monitoring, NorthRow‚Äôs API also offers customer base remediation, which allows users to update relevant information. The company‚Äôs customer base works within the financial services, hospitality, payments and property sectors.
Recordsure¬†differs from the other RegTech companies on this list in that it focuses on recording financial and regulation-related conversations. The platform uses automation and machine learning to detect any possible risk factors within customer interactions and transactions. Conversation recordings can be used to train employees to be aware and confident in being compliant when it comes to customer data.
Arachnys¬†offers a platform that streamlines and speeds up compliance investigations, as well as centralising compliance across policies around the world.
All information gathered from investigations conducted using Arachnys can be reused, meaning that work isn‚Äôt duplicated by compliance teams. Additionally, reports featuring heat maps and step summaries can be generated based on these investigations.