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27
Apr

Ten RegTech companies whose services can help you through the coronavirus crisis

It’s hardly a secret that the coronavirus has wreaked havoc on how businesses are conducted. Fortunately, several RegTech businesses offer a huge range of services to help.

Let’s take a look at ten of them that caught our eye.

Signifyd offers free tools during the crisis

Signifyd is one of the RegTech ventures out there trying to help other businesses survive during the COVID-19 crisis. The digital fraud prevention company announced in March that it would offer free tools and services to help companies cope during the coronavirus pandemic.

The aim of offering the bundle of free tools and discounted services is that it will help retailers get back to operational speed during this time.

Wolters Kluwer to help businesses with new coronavirus bulletins

RegTech company Wolters Kluwer’s Compliance Program Management (CPM) business has launched a new free service named COVID-19 Noteworthy Developments Bulletins to help businesses stay updated about the coronavirus news that are affecting their industries.

The service is set up to aggregate pandemic-related global regulatory changes, orders, notices and other informational updates for the financial services industry. The new resource is publicly available via Wolters Kluwer’s OneSumX for Regulatory Change Management website, allowing visitors to click on the COVID-19 updates banner to learn about new developments, regulatory compliance impacts and regulatory agency resources.

KYND offers its cyber risk management products for free

Since February, regulators and governmental bodies around the world have warned about the rise of cybersecurity attacks trying to leverage the pandemic to breach companies’ digital defences.

Recognising this risk, cybersecurity firm KYND will provide its services for free to help others through the coronavirus crisis. The developer of cyber risk management products will provide small businesses and charities with some help combating cybercrime during the COVID-19 pandemic by providing free KYND Start reports through the Confederation of British Industry’s (CBI) Coronavirus hub.

Aqubix helps businesses stay compliant during the outbreak

The need to stay compliant has not gone away just because many businesses have been forced to adopt social distancing rules and other measures to prevent the spread of the COVID-19 contagion. Onboarding and ensuring your business does not fall foul of living up to anti-money laundering regulations have never been more crucial.

Aqubix, the compliance company behind KYC Portal, offers financial services firms, banks and other companies a solution to ensure they remain compliant during these trying times. The RegTech venture’s is developed to ensure that risk on new customers stays low as the strength of the verification technology matches meeting in person.

Muinmos’ services to help businesses remain compliant during the crisis

Even though a pandemic is sweeping across the globe, businesses still have to ensure their compliance. However, this might prove a bigger challenge with many companies having to send their workers home or furloughed them.

That’s where Muinmos can help. The RegTech startup is offering businesses disrupted by the COVID-19 pandemic help to comply with regulations through these trying times. The company’s solution is fully General Data Protection Regulation (GDRP) compliant and set up to help financial institutions to more easily onboard clients and avoid falling foul of anti-money laundering regulations.

“I understand that the compliance process in any financial institution both big and small involves multiple process flows and references to print and secure documents that may not always reside online,” said Remonda Kirketerp-Møller, founder and CEO of Muinmos. “This can have huge implications with client confidentiality and speed of onboarding can certainly be greatly reduced when your teams are not able to be in the same location.

Theta Lake’s new tools

Theta Lake has released a new suite of tools, including at native capture and monitoring solution for collaboration chat. The news could prove particularly timely as these tools could help businesses remain compliant in the face of the current coronavirus pandemic, which has scattered workforces around the world and forced employees to work remotely.

“Now is the time we all need to fully adopt collaboration platforms and use their capabilities to communicate and share the right content, but this also requires risk and compliance guardrails,” said Devin Redmond, CEO of Theta Lake.

QuantaVerse offers free financial crime investigation tools

RegTech QuantaVerse is offering its alert investigator to financial institutions for free during the coronavirus pandemic to help them investigate potential financial crimes. The RegTech platform is releasing the service to help financial institutions which may face emergency shortages of financial crime investigators due to the current situation. The idea is that this will help them keep up with their regulatory requirements and ensure transactions and trades continue to operate even with less staff.

North Capital’s new way of offering secure PPP loan applications

Governments around the world have created programmes to help businesses through the coronavirus. Earlier in the April, the US announced the Paycheck Protection Program (PPP) which authorised up to $349bn in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.

To make it easier to access these loans in a secure way, tech and brokerage service provider North Capital said its financial crime-prevention systems will be perfect for the banks who can process PPP loan applications.

“When the details of the Paycheck Protection Program were released by the Small Business Administration, we realised that some of the key elements of our technology – automated anti-money laundering checks, customer identification and verification, online transaction processing – could be applied to support this programme,” said Sara Borazan, Managing Director and Head of Business Development. “So we quickly organised a technology sprint and pushed a new processing platform live within three days.”

Yoti helps healthcare organisations verify identities of staff

Onboarding clients and staff can be tricky when you can’t meet them face to face. Recognising the importance of this, digital identity company Yoti has announced that it is offering its services for free to healthcare organisations to assist them in keeping up with the amount of patients and staff they are having to onboard. Any public health organisation, emergency service and community initiative tackling coronavirus can benefit from this service.

Jumio provides digital identity services for essential services

Similarly to Yoti, digital identity company Jumio is also offering its services to NGOs, healthcare agencies, schools or delivery services for free during the COVID-19 pandemic The offer will last until July 1 2020.

The RegTech is providing hospitals and medical clinics with its AI-powered digital identity services to help them collect and manage identify their patients for compliance regulations, prevent medical identity theft and meet know your patient requirements.

Copyright © 2020 RegTech Analyst

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