Banks and Non-Banking Financial Institutions (NBFIs) are investing continuously to stay ahead of the fraudsters and criminals that plague their increasingly digital ecosystems. More than $200 billion dollars are spent every year to manage risk and compliance. Costs of technology have been spiralling, often bottlenecking the business of the institution, and legacy data and software providers are challenged to deliver appropriate levels of technology excellence as they are plagued by their tech debt.
Implementations take a long time, integration with existing systems are a gargantuan task and the compliance teams end up inadvertently applying hard brakes to the business rather then enabling their acceleration.
This internal and technology challenges are amplified in an era where regulatory pressure is at unprecedented levels around the world. Whether it is national regulators such as the SEC in the USA of the MAS in Singapore, or the Financial Action Task Force (FATF), the message is clear. Stay squeaky clean or face heavy fines.
The sector is increasingly challenged to balance the cost, compliance need and genuine fraud risks that the business faces. Maintenance of this equilibrium is part of the core philosophy governing RZOLUT’s data and platform architecture.
Underpinned by RZOLUT ContentStream, our cutting-edge data and content platform, RZOLUT’s Screening, Diligence and Monitor products are a comprehensive suite of products designed to help you manage the entire counter party lifecycle.
This award-winning platform is supporting banks and NBFIs around the world to build safer, more profitable businesses.
