Vneuron, a Parisian RegTech firm founded in 2007, has carved its path as a forerunner in the world of risk & compliance technology. Upon its inception, the company had ambitious targets, as it looked to ruffle the feathers of the established quo and revolutionise the space.
With revolution on the mind for the visionary French firm, Vneuron identified a pressing industry challenge: the ongoing struggle between robust compliance solutions burdened by outdated systems and modern platforms with their own baked-in limitations, as Mahmoud Mhiri, Executive Partner at Vneuron explained, “Recognising the challenges faced by financial institutions in navigating this delicate balance, Vneuron seized the opportunity to capitalise on the unmet needs within the industry. We have observed that legacy compliance solutions often hindered operational efficiency and agility, while modern solutions fell short in providing a holistic and robust response to evolving regulatory requirements.”
Vneuron’s “ground-breaking” compliance offering
In reaction to this market gap, Vneuron took the initiative to introduce their compliance suite, aiming to overcome the aforementioned typical trade-off between legacy and contemporary systems. The system, known as the Reis™ Risk and Compliance Suite, was that answer, and Mhiri delved into just what makes it special.
He said, “Vneuron introduced the Reis™ Risk and Compliance Suite. This innovative platform serves as a beacon of progress for financial institutions, offering a comprehensive solution that transcends the traditional trade-off between legacy and modern systems. With Reis™ RCS, financial institutions no longer have to compromise on compliance effectiveness or technological modernity.
“The suite is designed to be a game-changer for AML compliance technology needs, providing a unified and user-friendly platform that seamlessly integrates with existing systems. It ensures a comprehensive response to regulatory requirements while preserving modernity and ease of use, thereby empowering financial institutions to navigate the complex landscape of compliance with confidence,” continued Mhiri.
Vneuron’s USP revolves around being an all-encompassing, one-stop-shop for AML compliance, offering advanced technology, customization, and a commitment to user experience. Mhiri emphasised, “We eliminate the fragmented landscape of tools and systems,” making their solution scalable and adaptable to organisations of varying structures and sizes.
On top of this, the firm’s software is consistently lauded for its scalability, and its ability to cater to organisations of any size. But the quality of their product compared to their rivals in the space doesn’t stop there, as Mhiri explained.
“What truly distinguishes Vneuron is its incorporation of best-in-class technology. Advanced features, including name screening, pre-trained algorithms, statistical modelling, and lookalike modelling, provide nuanced insights beyond conventional compliance solutions. This technological backbone transforms Vneuron from a mere compliance tool into a strategic asset for navigating the evolving landscape of financial regulations,” he continued.
Future Trends and Expansion Plans
Mhiri anticipates that the future will belong to trends like enhanced data privacy measures, notably, the introduction of the Digital Operational Resilience Act (DORA) in the European Union that will comprehensively address ICT risk management in the financial services sector and harmonize the ICT risk management regulations, and emerging technologies like blockchain and quantum computing, as well as a focus on AI transparency and ethics.
Vneuron’s strategy is set to see the continuation of their proactive approach that has served them so well in the past. With regulatory challenges always on the horizon for firms in the sector, they aim to continue to develop their offering to thrive amid the chaos, as Mhiri explained.
“Minor updates are consistently rolled out to address nuanced regulatory adjustments, maintaining real-time relevance. These may include fine-tuning AML rules, updating filtering criteria, and enhancing reporting functionalities. Core updates, on the other hand, are strategic endeavors designed to accommodate substantial regulatory shifts. These updates may involve the integration of advanced screening mechanisms, implementing new algorithms, or introducing comprehensive workflow adjustments.
This commitment to continuous improvement ensures that our customers are equipped to navigate the ever-changing regulatory environment with ease,” he said.
Looking forward, the French firm has set out ambitious growth targets for 2024 and beyond – in keeping with the company’s DNA. “Geographically, we aim to establish a robust and noticeable presence in new highly competitive markets,” according to Mhiri.
Vneuron is also looking to continue adding to its wealth of talent in its ranks, as they look to push on amidst their commitment to excellence. This means “recruiting exceptional talent globally to better understand diverse market needs,” in Mhiri’s eyes, as they look to continue operating using their key tents of innovation and integrity.
Vneuron’s journey epitomises innovation and commitment in the realm of financial compliance. With a steadfast focus on addressing industry challenges, integrating cutting-edge technology, and staying ahead of regulatory curves, Vneuron stands as a beacon of progress in the evolving landscape of financial technology.
With a global footprint and a mission to halt financial crime, Vneuron’s vision pursuit of continuous technological improvement has seen them build an incredible client list across the globe, and boast offices on three continents. But this is just the beginning for the Parisian operation, which is pushing further still to optimise the performance of any business.
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