RegTech pertains to a growing industry sector that strives to devise technology solutions for different industry verticals to manage regulatory compliance, control and detection and prevention of fraud. It uses cutting-edge technologies like Cloud Computing, Machine Learning, Internet of Things (IoT), and Analytics.
The domain of technology management in financial services have seen a transformative change due to online payments, blockchain, biometrics and enhanced surveillance techniques. While new processes for transactions, monitoring and control have emerged, the associated risks and their management have become very important.
Different areas like retail banking, financing, insurance, blockchain, wealth and asset management use RegTech in a big way. There are quite a few companies that provide solutions at different levels of the value chain:
- Bcube Analytics Inc.
Bcube offers an agile and on-demand cloud platform for regulatory compliance.
- IdentityMind Global
IdentityMind provides an on-demand platform for next-generation risk management and anti-fraud services for the e-commerce ecosystem.
Trunomi provides solutions for customer data management by financial companies
The Company offers an ultra-fast and high quality cloud-based platform that helps hedge funds, asset managers and financial institutions save time and money.
AlgoDynamix is an innovative risk analytics company that detects disruptive events in global financial markets and anticipates price movements hours or days in advance of the event.
An online source to learn about development in RegTech is RegTechFS – an online magazine promoting global dialogue on how to deliver regulatory change.