EMTECH, a trailblazing software provider known for its innovative solutions, has unveiled its latest product, Beyond Compliance. This cutting-edge software is designed to streamline and automate regulatory compliance for Financial Service Providers (FSPs), aiming to mitigate the risk of hefty fines and operational disruptions.
As financial regulations become increasingly complex and punitive, Beyond Compliance emerges as a critical tool for FSPs. The software equips users with regulatory checklists and workflows tailored to their specific jurisdiction, simplifying and automating compliance processes. By inputting minimal details, users can efficiently navigate regulatory requirements, significantly reducing the likelihood of fines, license revocations, or even bankruptcy.
The need for such a solution is underscored by a recent McKinsey & Company report titled “The Future of the Payments Industry: How Managing Risk Can Drive Growth.” The report highlights the escalating issues of fraud, digital identity theft, and money laundering, stressing the importance of enhancing risk management programs to safeguard revenue and ensure robust regulatory compliance.
EMTECH’s CEO and Founder, Carmelle Cadet, emphasizes the necessity of evolving compliance management practices. “To build a more resilient fintech sector and effectively protect consumers, we must rethink our approach to compliance. The current fragmented regulatory landscape demands a more integrated compliance management platform,” Cadet states.
Beta user Kwasi Ofei, Head of Compliance at Juni Payments, praises the Beyond Compliance product for its user-friendly design and customization capabilities. “The product offers a comprehensive and effective solution for adhering to regulatory directives,” Ofei notes.
Steven Dickens, Chief Technology Advisor at The Futurum Group, adds that Beyond Compliance addresses the inherent complexities of regulatory adherence. “Regulatory compliance can be daunting for FSPs. EMTECH’s solution simplifies this process, providing essential visibility and monitoring across multiple markets, which is crucial for central bankers and regulators,” Dickens explains.
EMTECH, led by former IBM Blockchain Executive Carmelle Cadet, specializes in software, data, and services that link central banks with regulators and financial service providers. The company’s platforms facilitate regulatory data exchange, compliance, supervision, and currency management in financial markets.