NEW YORK and ACCRA, Ghana and LAGOS, Nigeria, July
31, 2024 /PRNewswire/ -- Award-winning software
provider, EMTECH has announced a new software product called
Beyond Compliance, to help Financial Service Providers
(FSPs) automate and manage regulatory compliance in one place.
Regulatory Compliance is an imperative for FSPs as the fines for
non-compliance can run into the billions of dollars. Beyond
Compliance helps users stay ahead of regulatory issues before
they result in fines, loss of a license, bankruptcy or
closures.
The ground-breaking Beyond Compliance product provides
users with regulatory checklists and workflows to enable and guide
them through compliance processes. By simply selecting their
regulator or jurisdiction and providing a few details, users can
standardize and automate compliance activities. EMTECH designed the
compliance product to increase business efficiency and reduce labor
costs while reducing fragmentation and manual processes.
As the incidences of fraud, digital identity theft and money
laundering increase, a recent McKinsey & Company report,
"The future of the payments industry: How managing risk can
drive growth" notes that service providers should
"modify their risk management programs to protect their revenue and
improve regulatory compliance. This may include enhancements to
issue management, due diligence processes, risk appetite setting,
or risk identification processes."
"If fintech is to grow more resilient and effective at
protecting consumers today and in the future, we have to rethink
how compliance will be managed compared to how it's done today.
With highly fragmented regulatory requirements, risk monitoring and
reporting methods, a more integrated compliance management platform
is an essential tool for survival and growth" notes Carmelle Cadet, CEO and Founder of EMTECH.
The Beyond Compliance product provides "a great user
experience, it is a customizable solution. The product is detailed
and very effective in ensuring compliance to regulatory
directives", says beta user Kwasi
Ofei, Head of Compliance at Juni Payments.
"Regulatory compliance can be a complex task for FSPs. EMTECH's
Beyond Compliance is designed to help fintechs manage
their compliance requirements, in one or more markets, monitor
their compliance status and provide a level of regulatory
visibility that is required by Central Bankers and regulators,"
says Steven Dickens, Chief
Technology Advisor at The Futurum Group.
About EMTECH
EMTECH provides software, data and
services that connect central banks to other regulators and
financial services providers. EMTECH's platforms power regulatory
data exchange, compliance, supervision, currency issuance and
currency movement in financial markets. The company is founded and
led by a former IBM Blockchain Executive, Carmelle Cadet.
For more information visit the EMTECH website.
Media Contacts:
Linda Arroz, Makeover
Media
Phone:
818.635.8753
email:linda.arroz@makeovermedia.com
Mary Hall, Chief Marketing
Officer, EMTECH
Email: Mary@EMTECH.com
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