British regtech companies lead the way in regulation and compliance solutions, while remaining secure – the perfect offering for international buyers.
Increasing levels of financial regulation and a greater focus on insight and evaluation has brought the regtech offering into greater focus and British companies are at the forefront.
British regtechs are leading the way in making financial regulation and compliance smarter, assisting large banks to remain ahead of their compliance requirements and helping businesses stay compliant through smarter Know Your Customer (KYC) and Anti-Money Laundering (AML) checks.
Regulatory Sandbox
The U.K. has the most progressive regulator in the world in the fintech space – the Financial Conduct Authority – which has developed two very significant programmes to support British fintech companies.
The first programme, Project Innovate, has a team working with startups to help them navigate the complex regulatory landscape in the U.K. The second programme, Regulatory Sandbox, is designed to test fintech innovations in a real market for a period of time without any regulatory repercussions. These two programmes demonstrate the U.K.’s strong regulatory environment which have enabled British regtechs to flourish as innovative, yet incredible secure and trusted providers.
Efficient and Effective
One such innovative British regtech company is ComplyAdvantage, providing real-time AML risk data and next generation screening technology to help companies prevent financial crime more efficiently and effectively. They are applying new technologies such as Artificial Intelligence (AI) and machine learning to make huge improvements to the status quo in AML and KYC compliance processes, which have traditionally been painful, slow and expensive for financial services.
Their solutions enable firms to automate and improve how they onboard and monitor clients, screen payments and monitor transactions by reducing false positives and speeding up processes, all delivered by flexible modern APIs.
As CEO, Charles Delingpole from ComplyAdvantage states:
«Effectively managing AML risk is high on the agenda of every global business. We have built the world’s only dynamic, real-time, AI-driven proprietary database of people and companies that pose a financial crime risk with constant 24/7 monitoring of global data sources such as Sanctions, PEPs & Adverse Media. With more accurate, relevant data and flexible, automated screening, our clients are seeing 70 to 85 percent reductions in manual work.»
ComplyAdvantage is already providing its services to global clients such as fintech, Airwallex, who operate out of Australia and into Asian markets. With offices in London, Singapore and New York, ComplyAdvantage helps more than 300 firms comply with regulations and reduce AML risk.
Open for Collaboration
The British regtech industry is open for international collaboration and there are many reasons why a global business seeking the most innovative regtech services should partner with British companies. The U.K. is one of the leading locations for financial services in Europe, coupled with a sophisticated talent pool that supports innovation; a vibrant and supportive ecosystem of financial and related professional services; and a strong and responsive regulatory environment that engenders confidence and stability.
As Tom Helm, Head of fintech and banking innovation at the UK.’s Department for International Trade, outlines:
«The UK is at the forefront of regtech innovation and we at the Department for International Trade are committed to supporting British regtechs in making connections with international partners to take advantage of global trading opportunities.»
These are just a few examples of how British regtech innovation is leading the way in changing how financial services are delivered across the world.
- Find out more about how your organisation can benefit from British regtech by clicking here.
