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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
