Datactics, a provider of RegTech solutions for the banking and financial services sector, has landed an investment from Kernel Capital.
The investment came from the Bank of Ireland Kernel Capital Growth Fund; however, the amount of capital has not provided.
Based in Belfast, Northern Ireland, Datactics has developed a suite of software products which profile, cleanse, score and match information for data quality and regulatory compliance.
Stuart Harvey, CEO Datactics said: “Banks understand that compliance is only as good as the data that it’s built on, placing an urgent need on fast, reliable and accurate data. Datactics sits directly in this space, providing our clients with continuous and measurable improvements to their data.”
Financial regulation such as BCBS 239, FSCS and FATCA require banks to establish data quality management, including data profiling, data provenance or lineage, monitoring, reporting and escalation procedures. To help, Datactics provides continuous monitoring and improvement of data for a range of regulations including MiFID II.
Datactics also claims to streamline a user’s KYC client onboarding checks with ‘greater speed and accuracy’. Datactics FlowDesigner and DQM provides a entity matching platform, dubbed Entity Match Engine. The platform Consolidate & enhance reference data from multiple sources, offers multi lingual entity matching on all character sets, ensures ongoing quality of reference data, produces data quality metrics for compliance, and offers REST web services API for integration with KYC and client onboarding applications.
Over the last 12 months, Datactics has doubled their revenue and added a number of global financial institutions to its customer base including the Bank of Ireland and Danske Bank.
Danske Bank’s recently formed Data Intelligence team said it will use Datactics’ RegMetrics solution to help meet regulatory requirements, and improve customer experiences by providing a single customer view and higher levels of data quality.
Follwing the partnership, Marion Rybnikar, Danske Bank’s head of data, said: “Good quality data is essential for internal and external reporting, but the opportunities from using ‘big data’ are much wider than that.
“The combination of skilled in-house data professionals using new technologies like RegMetrics and extracting actionable insights, allows us to be innovative and to focus on driving real value for our customers. We’re delighted to work with a successful local start-up as we develop this exciting new area for Danske Bank.”
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