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By Chinenye Anuforo
In a significant move to simplify regulatory compliance for financial service providers (FSPs), EMTECH, provider of next-generation financial technology solutions has announced its plan to launch an innovative solution named, “Beyond Compliance”.
Speaking during an online media roundtable Thursday, Carmelle Cadet, Chief Executive Officer (CEO), EMTECH expressed her enthusiasm for the launch. She said, “Today, we are thrilled celebrating a significant milestone,
“Beyond Compliance”. Understanding the frustrations associated with managing regulatory compliance, we designed this comprehensive solution to empower FSPs. Beyond Compliance goes beyond traditional methods, offering a centralized platform that simplifies compliance and allows FSPs to dedicate resources to core business functions.”
She explained the key features and benefits of the new innovation to include; effortless framework setup whereby users will be able to select their regulators and relevant frameworks based on their licensed category, track and manage all compliance obligations in a structured format, ensuring no requirement goes overlooked.
Others include collaborative task management to ensure timely completion of compliance activities, real-time compliance dashboard, modular design to adapts to different regulatory frameworks across various jurisdictions and API integration to seamlessly integrate with central bank APIs for effortless regulatory reporting.
EMTECH, whose mission is to empower financial institutions through innovative solutions, highlighted the company’s successful collaboration with the Bank of Ghana, specifically their involvement in the bank’s regulatory sandbox process. This collaboration provided valuable insights into the challenges faced by Fintechs, particularly during the licensing process. ‘Beyond Compliance’ addresses the challenges faced by Fintechs,” the CEO said.
Continuing, she emphasized the solution streamlines the licensing process, simplifies ongoing compliance management, and empowers Fintechs to navigate the dynamic regulatory landscape with confidence.
“Traditionally, the licensing process for Fintechs has been a manual and cumbersome affair. Beyond Compliance automates many of these tasks, reduces the burden of paperwork, and ensures Fintechs meet all regulatory requirements before entering the market.”
She said EMTECH offers flexible pricing plans to suit the needs of organizations of all sizes, from small startups to large financial institutions. The company also provides a range of trials and demos, allowing potential customers to experience the transformative power of Beyond Compliance firsthand. She added thst the new innovation also offers comprehensive onboarding support and ongoing resources to ensure a smooth implementation process, with a dedicated team to address any user concerns.
Cadet encouraged FSPs to visit the company’s website to learn more about ‘Beyond Compliance’ and explore how it can revolutionize their approach to regulatory compliance.
While the initial focus is on FSPs, a question from a journalist prompted EMTECH to hint on future applications.
“We get this question all the time. Beyond Compliance reflects our belief that better compliance management is crucial across many regulated industries. While we are currently focused on supporting FSPs, we have plans to expand the solution’s capabilities to serve other sectors later this year”, the CEO said.
