Regtech helps companies meet their regulatory and compliance obligations and is one of the fastest-growing aspects of fintech; becoming ever more important to the day-to-day operations of businesses in the UK.
Regtech not only offers a way for businesses to speed up time and labour-intensive processes but also allows them to minimize human error and perform these functions more accurately.
Whilst different sectors will have different regulatory requirements, currently it is meeting AML requirements in a way that satisfies regulations without slowing down business processes and making customers less profitable which is causing the most widespread pain in the industry.
As such, AML solutions are currently the biggest part of the regtech industry. But should meeting any other regulations present a problem for businesses, there is likely to be a regtech solution.
Below we will look at the top ten regtech providers.
Regtech simply means any technology that helps companies meet their regulatory obligations. It is often considered to be a subsection of the larger fintech sector and is commonly found within organisations that provide financial services. Many regtech companies also offer other fintech services.
Regtech aims to both help companies meet government regulations and operate legally, providing them with a way to do this as efficiently and conveniently as possible, with the least interruption to their business process.
Whilst regtech services exist for all manner of regulatory requirements there are currently two main sectors to the regtech market: financial regulations around banking and regulations around money laundering.
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