RegTech Companies in the US Driving Down Compliance Costs to Enable Innovation

February 25, 2021

Regulatory and compliance issues are some of the most important, complex, and resource-consuming problems to solve for any organization, especially for startups with limited resources. Over decades of development, regulatory requirements and documentation have grown into a matter of special expertise and skills to decode. Globally, ~$80 billion is spent on governance, risk, and compliance; and the market is only expected to grow, reaching $120 billion in the next five years.

The costly and complex procedures imposed on every financial institution around the world resulted in the growth and development of solutions addressing the issue. RegTech companies now offer advanced AI-powered solutions, and various hubs are represented by a set of their own market leaders. Moreover, we will review some of the RegTech solutions providers unleashing innovative capacity for financial institutions in the United States.

RegTech Companies in the US Driving Down Compliance Costs to Enable Innovation

Appzen is a platform that uses artificial technology to automate expense report auditing. AppZen Audit analyzes data not only from the expenses but also combines it with millions of additional data sources across the web to detect fraud and compliance issues that cannot be matched by human auditors.

Ayasdi offers an insight discovery platform that helps organizations discover and utilize insights from their data. The company’s Machine Intelligence software employs Topological Data Analysis (TDA) to simplify the extraction of knowledge from the most complex data sets confronting organizations today. It provides technology solutions for financial services, government, technology, energy, consumer goods, and communications industries.

Coalfire helps organizations comply with global financial, government, industry, and healthcare mandates while helping build the IT infrastructure and security systems that will protect their business from security breaches and data theft. The company is a leading provider of IT advisory services for security in retail, payments, healthcare, financial services, higher education, hospitality, government, and utilities.

ComplianceEase provides risk management and compliance solutions to the financial service industry. It offers automated compliance software solutions and risk management solutions.

ComplySci provides strategic governance, risk, and compliance (GRC) solutions to the financial services and professional services community. Led by pioneers in the GRC space, the ComplySci platform uses web-based corporate compliance technology that leverages a robust data network and innovative forensic analytics to monitor employee risk and automate code of ethics compliance. Clients include banks, investment banks, insurance companies, investment managers, private equity firms, hedge funds, brokers, public companies, and professional services firms.

Continuity provides compliance management solutions for community FIs. The Compliance Core is a unique blend of planning, insight, assurance, and technology in one solution. They also provide an on-demand portal for policy, procedure management, and audit programs for banking and finance companies.

Early Warning provides risk management solutions to financial institutions, government entities, and payment companies to secure transactions. It also provides identity & authentication solutions like mobile authentication, behavioral biometrics, new account opening; regulatory solutions like mobile number verification, internal fraud prevention, account locator & asset search & asset search & verification service for home loan providers; and payment solutions like card & lending, deposit & payment.

HELM is a SaaS-based platform providing legal and compliance solutions to the government and the enterprise. HELM works closely with regulators to provide enterprise customers with real-time visibility into the cybersecurity and technology compliance gaps within their products, policies, and business operations. Currently, Helm is serving the technology and cybersecurity compliance needs of financial institutions (departments include IT Risk, IT Audit, & Sourcing and Supply Management), insurance organizations, and small businesses.

HEXANIKA has developed an innovative end-to-end solution for banks to address data sourcing and reporting challenges for regulatory compliance. It enables financial institutions to harness new technologies which will take them to the forefront of the FinTech frontier. HEXANIKA's software can deliver up to 40% cost savings, 55% improvement in delivery time, and enhanced data quality by using the software.

IdentityMind offers an on-demand platform providing risk management, anti-fraud, and anti-money laundering solutions for online merchants, acquiring banks, payment processors & gateways, payment service providers, digital currency exchanges, and financial institutions. IdentityMind technology has provided fraud prevention solutions that incorporate real-time and historical payment data as part of the heuristics and behavioral analysis at the forefront of the transaction evaluation.

Neota Logic is a provider of intelligent software that enables its clients to automate expertise, improving the speed, quality, and efficiency of routine decisions. Neota Logic’s easy-to-develop smart applications uniquely combine rules, reasoning, decision management, and document automation to scale expertise quickly and cost-effectively.

Ncontracts is a provider of vendor compliance and contract management software & services to financial institutions. The SaaS-based platform enables banks, credit unions, and financial organizations to manage vendor contracts, client contracts, employment agreements, leases, etc.—all in a central location online.

Panalytics Comply is a regulatory compliance surveillance software that provides financial services firms with a way to identify, manage, and respond to regulatory compliance risks and violations. By merging the latest techniques in violation identification with the proven workflow of traditional surveillance solutions, Panalytics Comply offers firms the viable alternative to broken and outdated surveillance processes and tools.

ProcessUnity’s cloud-based governance, risk, and compliance solutions give organizations the control to assess, measure, and mitigate risk and ensure the optimal performance of key business processes.

Provenir makes risk analytics faster and simpler for financial institutions. Provenir’s risk analytics and decisioning platform is a powerful orchestration hub that can listen to any channel, integrate with any data service, and operationalize any analytic model. The company provides solutions across North America and EMEA for financial industry leaders such as Nordea, Elavon, Klarna, HSBC, and Wells Fargo, among others.

Quarule provides enterprise software products to automatically perform hundreds of compliance control activities and certify complex compliance programs in financial services. Quarule products make the text of regulations and policies machine-understandable.

Redi Enterprise Development offers an integrated software suite that automates risk management activities throughout the financial institution. iRisk offers automation of loan portfolio stress testing, loan review, ALLL management, Audit Management, policy & procedure management, risk assessment, and vendor management.

RedOwl mitigates the insider threat for information security and regulatory surveillance teams. Its behavioral analytics platform integrates structured and unstructured data sources to provide holistic visibility of risk across the enterprise. Backed by the Blackstone Group, Allegis Capital, and Conversion Capital, RedOwl is headquartered in Baltimore, with offices in New York, San Francisco, and London.

RegSmart provides software solutions and regulatory auditing and consulting services to banks and non-bank financial institutions. RegSmart is a SaaS company that provides a suite of industry-leading automated BSA/AML and cybersecurity risk assessment & audit/review tools that efficiently and effectively identify and manage the two most critical risks facing today’s financial institutions: money laundering and cybercrime.

Rsam is a leader in governance, risk, and compliance (GRC) management software. The Rsam platform blends top-down enterprise risk management data with bottom-up operational data to deliver a holistic view of risks and related dependencies.

Skry, Inc. is the leading blockchain analytics and intelligence firm based out of Silicon Valley. The company provides an end-to-end platform that enables enterprises to derive real-time business intelligence and risk assessment from blockchains and decentralized applications.

Tradle sells to major banks and insurance companies the software for user-controlled KYC portability, digital identity development platform, blockchain-based workflows, and real-time regulatory supervision. Winner of KPMG Fintech Challenge, Fintech50, UK FCA Regulatory Sandbox, SG MAS Hackcelerator member, McKinsey ‘KYC innovator,’ Citigroup ‘Blockchain KYC Company to Watch,’ Tradle’s mission is 100% KYC automation so that capital can flow like electricity.

TransparINT is a full-service technology company focused on providing the next generation of financial crimes compliance tools. TransparINT solves the problems AML and financial crime analysts face when they use traditional negative news tools.

Trunomi solves KYC and unlocks new revenues and efficiencies with technology to easily create and securely manage the consent to use customers’ personal data.

The list of companies is certainly not exhaustive.

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