What RegTech solutions are gaining market traction? Where in the world and what types of institutions are deploying them? More importantly, why are organizations large and small investing $76 billion in RegTech (2020 estimate)?
On the technology side, innovations are creating more intelligent, all-encompassing solutions with better integrations. Advances in fields such as artificial intelligence (AI), blockchain, machine learning, natural language processing (NLP) and data analytics are being woven into various offerings, creating better data management, workflow and analysis. RegTech will further optimize the performance of compliance teams as digital modelling and governance get more sophisticated. Additional value from the insights derived is useful across functions, enabling RegTech as a revenue driver, not simply a cost saver.
Future advancements give hope for an era of digital regulations and automated regulatory compliance.
For financial institutions (FIs) and other obliged entities, choosing the right supplier is vital to creating a robust, dynamic and scalable compliance system. Of course, meeting today’s requirements is a necessity. However, just as important is choosing a supplier that will set you up to meet future needs and is able to grow the sophistication and scope of programs. What supplier will develop their technology stack, compliance coverage, ease of integration and deep analysis capabilities to deliver RegTech solutions for the long run?
RegTech Supplier Performance
To help organizations assess RegTech vendors, the scope of their solutions and the areas of compliance they address, Market Fintech Ltd. published its 2019 RegTech Supplier Performance Report.
Trulioo is honored that its platform, GlobalGateway, has been ranked No. 1 in the Verification Tools / Identity Checks category - for the fourth year in a row! Tina Snelling, founder of Market Fintech and editor of the report, stated, “again, Trulioo’s GlobalGateway has proven to be the solution the industry needs to navigate today’s complex RegTech climate. Trulioo’s instant verification capacities address a global market in an increasingly borderless world, enabling businesses anywhere to prevent fraud, mitigate risk and ease customer onboarding.”
“GlobalGateway’s consistent position atop the RegTech Performance Report rankings reinforces the sustained success we’ve had in building an effective and scalable solution that evolves to meet the changing needs of financial firms,” said Stephen Ufford, CEO and founder of Trulioo.
Some of the developments that Trulioo has made over the last year include:
- Partnering with Refinitiv to deliver innovative solutions to enhance and expand access to digital identity solutions to help foster financial inclusion and fight financial crime
- Extending its identity verification coverage to six new countries
- Partnering with dozens of mobile network operators around the world and launching its Mobile ID solution
- Launching EmbedID — a new capability that enables organizations to instantly verify customers in adherence to KYC requirements
While four years in a row is quite an accomplishment, Trulioo is just starting. The opportunities for the identity verification industry to improve compliance, reduce fraud and risk, and better enable the global cross-border economy are immense. By working with world-class partners, developing ground-breaking technology and maintaining stringent security and privacy protocols, Trulioo is well poised to continue its mission to verify the globe through trust, privacy and inclusion.