SteelEye unveils communications suite to support FinTech compliance

UK RegTech firm SteelEye has launched a suite of communication compliance tools to help financial companies access record-keeping and oversight tools.

Founded in 2017, SteelEye markets a SaaS-based RegTech platform that enables banks, brokers and asset managers to reduce the complexity and cost of financial compliance and helps them to manage their regulatory obligations through a single platform.

According to SteelEye, the new tiered communications suite will offer the new solutions of Comms Capture and Communications Surveillance Lite. The former will be to help financial firms with their compliance record keeping, while the second will aid with compliance monitoring. Both will join Communications Surveillance Pro – an existing SteelEye solution – in the suite.

The company noted the lighter products are designed to help businesses that want increased control, oversight of and access to their own communications data through a platform that is flexible and cost-effective, so they are better able to meet regulatory demand.

The extended communications suite will provide firms of all sizes access to the tools for communications data-hosting, surveillance and monitoring. It will also provide unlimited data access and exports as well as enhanced visualisation tools to boost data value for firms.

SteelEye highlighted that prior research it had conducted revealed that was a ‘large pool of small buy-side firms’ across Europe and the US who required a modern communications capture and monitoring solution – with many existing options supposedly built on legacy technology and supporting archaic data models and fee structures.

SteelEye CEO Matt Smith said, “Covid-19 has posed huge data challenges for financial services businesses – impacting many firms’ ability to manage their regulatory obligations. Aside from the almost overnight acceleration to a cloud-based environment, the pandemic has introduced a variety of challenges around how to capture, store and analyse the vast volumes of data produced by a remote workforce.”

“We have created this three-tiered communications compliance suite to enable financial firms of all sizes and risk profiles to effortlessly bring together, monitor and use their communications data. The new lite solution revolutionises how smaller firms meet their communications record-keeping and oversight obligations – a move we think is delivering the right solution to those requiring it.”

SteelEye CPO Matt Storey added, “Regardless of what tier a firm chooses, they can feel safe in the knowledge that our unique, fully integrated, and cloud-based platform will simplify communications archiving and oversight, whilst increasing automation, reducing risk and saving cost.”

“By introducing three distinct product sets we can ensure all our customers, no matter their size or risk profile, have a sophisticated solution – rooted in advanced data management – that enables them to meet regulatory obligations more quickly, efficiently and accurately.”

SteelEye recently revealed it was eying development across North America following two strong funding rounds last year. The business currently has European sites in London and Paris as well as a location in Boston.

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