December 7, 2023 • Technology by Marketing Skaleet

Compliance, transaction management, safeguarding... How can you reduce risks? 🔒

Fintechs operate in a strictly regulated financial landscape and must continuously maintain immaculate operations. They must comply with regulatory requirements to ensure the operations are carried out securely and retain their license. To meet this imperative, their IT systems become a central part of everything they do. They act as technological pivots and control towers to ensure an ongoing stream of business. Here's how.

Compliance: a decisive issue for fintech licenses ✅

Compliance with legal requirements and rigorous risk management are key issues for financial institutions. Failure to comply with current regulations can lead to outright license withdrawal following audits by regulators. Compliance is, therefore, always a top priority. Often, it entails numerous resources and considerable time on the teams' roadmap to respond to changes in the law.

Optimal transaction management

In this context, payments are naturally crucial, and orchestrating them properly is essential. Subject to strict regulations, financial establishments must be well-equipped and well-supported to meet these legislative obligations.

For example, regulators require automatic reporting (number of payments, geography of incoming and outgoing payments, etc.), precise access rights management to secure sensitive payment data, compliance with AML-CFT measures, or KYC verification. For this, you need the best tools to implement the highest level of security. In addition to ensuring a compliant environment, proper transactions enhance the user experience.

Safeguarding

Payment institutions (PIs) and electronic money institutions (EMIs) must protect customers' assets: regulators require regulated fintechs to put in place adequate organizational and technical measures to guarantee the protection of consumer funds as soon as they are received. In other words, funds received from customers must always be available to process their payments. Whether by making the funds available in a separate account or through coverage by an approved insurer, protecting funds is mandatory and subject to ACPR supervision. In addition, companies must carry out regular internal and external reconciliations to verify the accuracy of their records. Constantly monitoring practices is therefore necessary to ensure compliance and adequate protection.

For companies, the challenge is to find a stable solution to implement these robust security mechanisms, ensure compliance with the most stringent standards, and be able to rely on an ecosystem of trusted partners to gain agility and develop innovative new products. 

Choosing a new-generation Core Banking Platform to reduce risk. 🎯

When they rely on an in-house Core Banking System or an IT system, fintechs expose themselves to regulatory risks. This often-obsolete environment cannot guarantee compliance with best practices, particularly in terms of security. Under these conditions, companies risk non-compliance problems and consequent license suspension!

Because of their architecture and infrastructure, Core Banking Systems hinder service scalability. These monolithic technologies are inflexible and difficult to modify. This makes it challenging to comply with new regulations or develop new products and services to enhance the customer experience.

To provide differentiated, secure financial services, it's time to turn to next-generation technologies: Core Banking Platforms! These are designed via a modular architecture, making localized modifications faster and easier to commission. This technology also enhances the tools' configurability and scalability, as you can implement additional services by relying on an ecosystem of partners via APIs.

Core Banking Platforms manage financial products and services seamlessly and automatically. Account management, orchestration of Pay-In and Pay-Out payments, regulatory reporting... These next-generation tools take care of the non-value-added elements, allowing your teams to focus on what matters: innovation!

Thanks to Core Banking Platforms, financial institutions can choose the technology bricks that best meet their needs and integrate the best partners who are experts in their field.

Sleep soundly with Skaleet! 💤

Skaleet's Core Banking Platform ticks all the boxes to improve productivity and reduce compliance risks.

Skaleet offers an advanced solution for protecting customer funds. The platform has been specifically developed to simplify the associated manual processes, ensure real-time safeguarding, and generate accurate reports. Moreover, the solution optimizes your productivity by automating repetitive tasks so you can strengthen your compliance while focusing on the essentials: providing innovative solutions to improve customer satisfaction.

Skaleet's SaaS Core Banking Platform implements the highest level of security for customer and payment data. The platform constantly evolves to adapt to new regulatory requirements and ensure you benefit from best security practices. This means you'll get an IT infrastructure that always complies with international standards.

Ergonomic and configurable, Skaleet provides you with sound, streamlined business management. It's also a scalable system that captures current and future market opportunities!

With Skaleet, you can count on:

  • Perfect payment orchestration.
  • KYC & AML compliance.
  • A "Focus on What Matters" approach.
  • A high degree of configurability with a Best-of-Breed partner ecosystem.
  • API-first integration that lets you build your offers and services.
  • A secure, high-performance IT infrastructure.
  • Continuous Delivery with the guarantee of a regularly upgraded platform.

Would you like to find out more? We'd love to hear from you!

  • #innovation

  • #fintech

  • #corebanking

  • #compliance

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