OUR CLIENT:
Over the last two decades, our client has become a clear leader in the global payment processing space servicing multiple industries. With a still growing payments processing market, our client can see a bright future but needed to address their regulatory compliance challenges, as there have been major changes over the past few years. They are headquartered in the US,
with operations in over two dozen countries
SITUATION:
The compliance function is responsible for the activities around regulatory monitoring, regulatory developments and regulatory
changes, all being handled manually, in-house using spreadsheets and internal communications solutions. Manual handing was slow, lacked consistency and there was a concern they could miss key data. Also, they had some highly skilled senior people performing these manual tasks and wanted them, instead, to spend time on high value tasks, analysing and implementing these regulations.
Our client recognised that they needed to automate some of these activities, hugely prompted by the key industry challenger of 2020, the arrival of Covid.
SOLUTION:
As one of the world’s largest payment services providers, our client was determined to remain ahead of the curve when it
came to digital innovation. It decided that it needed to invest in technology to support its business strategy, to capitalise on
the growth of alternative payment methods, PSD2 and Open Banking.
Looking for a solution that overcame their manual processing issues they looked at Corlytics and were impressed by the
drill down functionality available. For instance in the Covid19 tracker they could quickly drill down by specifics such as
jurisdiction or regulator and focus on the priorities coming out of that particular area, eg. ‘remote working’ as an early
Covid19 risk theme.
This type of functionality is part of the Corlytics regulatory monitoring solution, providing enriched regulatory data,
including horizon scanning, allowing filtering and slicing/dicing of data so that the user can work with any dataset that is
pertinent to the task in hand
The Covid19 tracker was accessed through a simple login. Implementation of the Corlytics Regulatory Monitoring solution
was straightforward, overcoming the challenges of working with the client’s different teams, in different locations and their
local approaches to regulatory monitoring. Corlytics supported the client to embed the solution within their processes providing training as necessary
OUTCOME:
Having identified and removed friction points that were hampering our client’s operations, they now have live regulatory
monitoring at their fingertips rather than having to wade through and log regulatory publications. They have freed up specialist compliance and legal staff from manual work allowing them to pursue activities that add value to their business.
“Our client has shown an admirable preference for being ahead of the curve in technology adoption and ensuring a world class payment processing experience for its customers. We are delighted to be part of this journey and know that our client will benefit from our comprehensive, contemporary solution to assist with its current and emerging requirements in this dynamic business environment. environment.” Hazel Dowling, Head Client Delivery at Corlytics
BENEFITS:
– A reduction in manual handing time locating and uploading regulatory data from regulator websites allowing staff to
work on higher value activities
– A risk proofed operations model with reduced manual handing errors and missed publication notices and updates
– Increased impact assessment awareness through centralised and standarised automated processes
ABOUT CORLYTICS
Corlytics, structures and maps complex global regulatory information to organisational frameworks, providing timely,
relevant information directly to business areas.
Corlytics enriches the information with regulatory risk intelligence and analytics enabling firms to plan and prioritise compliance and monitoring activities and determine exposure to regulatory risk.
Please get in touch with us to learn more about our solutions and to organise a demo.