Overview | Regtech
REGTECH
Regulation is an expensive pain point for financial institutions. Some estimates put a price tag of up to a billion dollars on compliance-related tasks for large banks. Other estimates assert that over 10% of the workforce in financial institutions deals with compliance.
It is not surprising that an entire ecosystem of software solutions emerged in recent years to assist financial institutions in streamlining and automating regulatory activity. The demand for regulatory technology, or REGTECH as these solutions are often referred to, is expected to reach $118.7 billion by 2020, according to a Medici report.
Robust and reliable data sources:
Data quality is the single most important factor in the success of a compliant and risk mitigating identity verification:
Mobile and Device
Access data from leading MNOs worldwide and match to billions of user records from thousands of mobile application publishers including name, cross carrier mobile number, email address, device ID as well as demographic data such as browser type, operating system and app installs.
Credit Bureau
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Utilities
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Government
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Consumer Marketing
Access aggregated opt-in consumer marketing information from thousands of agencies including name, address, telephone and email.
Public Records
Search and match to voter registration, census, property titles, marriage license, court dockets and bankruptcy filing records.
