RegTech, new compliance solutions

RegTech combines Appway's award-winning technology and deep understanding of digitizing onboarding processes with Deloitte's regulatory, tax and legal, consulting and outsourcing expertise. The solutions will help financial institutions manage the fast-moving changes and increasing complexity of their business environment.

Compliance for banks

Compliance is a greater burden than ever before for Swiss banks and asset managers. The rising costs and complexity of market-specific regulatory processes pose a significant challenge for financial services providers - on top of the cost and innovation pressures they already face.

Regulatory compliance is mandatory, but it is non-differentiating and increasingly costly. As a result, financial services firms are increasingly investing in smart solutions based on advanced technology that shift the cost of regulatory compliance to industry players: These solutions are referred to as "RegTech".

Four new managed services offerings

The Appway and Deloitte collaboration, unveiled today at the Appway Sphere for Banking event in Geneva, includes four innovative and reliable managed services solutions:

DMS Concierge adds a feature to the automated client onboarding workflow system that allows users to securely seek advice from Deloitte subject matter experts in real time. For example, if there is uncertainty regarding a FATCA classification, users can contact their "concierge" (i.e., a Deloitte compliance officer) via the integrated chat function or voice-over-IP. If necessary, the concierge will consult with a Deloitte internal FACTA specialist. The assessment and advice are documented directly in the client profile.

Compliance Link allows users to delegate entire tasks (e.g., security reviews, paperwork control, etc.) to Deloitte Managed Services (DMS). DMS uses industry-leading technologies and tools to align the data and process work steps with a dynamic risk assessment. This reduces costs and ensures regulatory compliance. This allows banks to ensure that the work of compliance departments is based on the right foundation. This in turn frees up more time for banks to focus on actual banking business.

GetAware provides banks with detailed and reliable information about (potential) customers. This gives them more clarity about risks associated with customer relationships, which helps minimize compliance and reputational risks. The solution's customizable, integrated risk component determines the strategy for customer screening and also performs background checks in multiple phases.

RegIntegrator provides country-specific rule sets as well as their interpretation by local experts, e.g. regulations for combating money laundering or for the verification of identity (KYC).

Since the offering is a managed service, costs are to be minimized. It includes options for digital onboarding, visualization of customer relationships for compliance or business development purposes, and electronic signatures, among others.

You can find out more about the solution of the globally active Swiss software and digital banking company Appway at www.appway.com