In a major deal in the regtech space, Fenergo, a provider of digital solutions for Know your Customer (KYC) and client lifecycle management (CLM), has acquired Sentinels, which is an artificial intelligence-based technology provider for anti-money laundering (AML) transaction monitoring.
Announced on Monday, Fenergo is aiming to strengthen its end-to-end software-as-a-service (SaaS
Software-as-a-Service (SaaS)
Software-as-a-Service (SaaS), is defined as a subscription-based software licensing model that is nested through external servers. Generally accessible through an Internet connection, SaaS requires users to log into the system by using credentials such as a username (or email) and passwords. One of SaaS’s biggest advantage would be that users aren’t required to download software onto their devices but rather only require an Internet connection to gain program access. While many trading platforms offer cloud trading services through PaaS, popular investment entities such as JPMorgan Chase released software as a service trading software known as Athena, where traders can better monitor risk while running in-depth analysis on investments. How is SaaS Used?More recently, Goldman Sachs licensed access to its risk management system, SecDB while other industry players such as MSCI the bank, and Bloomberg have become increasingly involved in the applications of SaaS within the fintech industry. Outside of retail trading, SaaS is becoming increasingly invested within the financial markets. Indeed, venture capitalists have already begun investing in SaaS startups.Companies such as Amazon Prime, Spotify, and Netflix are other forms of SaaS that would have issued exponential dividends if investors amassed the stocks during their initial public offerings. SaaS companies are classified as B2B (business-to-business) or B2C (business-to-consumer). The example including streaming conglomerates such as Netflix is an example of a successful B2C SaaS While the streaming examples just shared (Netflix) are examples of a B2C SaaS, examples of B2B SaaS include Dropbox, Adyen, MailChimp, and EverNote.
Software-as-a-Service (SaaS), is defined as a subscription-based software licensing model that is nested through external servers. Generally accessible through an Internet connection, SaaS requires users to log into the system by using credentials such as a username (or email) and passwords. One of SaaS’s biggest advantage would be that users aren’t required to download software onto their devices but rather only require an Internet connection to gain program access. While many trading platforms offer cloud trading services through PaaS, popular investment entities such as JPMorgan Chase released software as a service trading software known as Athena, where traders can better monitor risk while running in-depth analysis on investments. How is SaaS Used?More recently, Goldman Sachs licensed access to its risk management system, SecDB while other industry players such as MSCI the bank, and Bloomberg have become increasingly involved in the applications of SaaS within the fintech industry. Outside of retail trading, SaaS is becoming increasingly invested within the financial markets. Indeed, venture capitalists have already begun investing in SaaS startups.Companies such as Amazon Prime, Spotify, and Netflix are other forms of SaaS that would have issued exponential dividends if investors amassed the stocks during their initial public offerings. SaaS companies are classified as B2B (business-to-business) or B2C (business-to-consumer). The example including streaming conglomerates such as Netflix is an example of a successful B2C SaaS While the streaming examples just shared (Netflix) are examples of a B2C SaaS, examples of B2B SaaS include Dropbox, Adyen, MailChimp, and EverNote.
Read this Term) offering with the acquisition. Its clients can directly access the services of Sentinels.
“Our shared goal of aiming to solve the increasing compliance and operational challenges facing financial institutions made Sentinels an ideal fit,” said Marc Murphy, CEO of Fenergo. “By adding transaction compliance to our existing client onboarding and product origination solutions, financial institutions can monitor and review client behavior and identify risks on an ongoing basis.
“This blended approach to financial crime makes us perfectly placed to address the rising compliance
Compliance
In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others.
In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others.
Read this Term challenges faced by financial institutions more efficiently.”
Demand For Regtech Solutions Is Increasing
Sentinels was launched in 2019 and is offering cloud-based services for transaction monitoring. The company promises behavioral client risk profiles and the detection of financial crime with a higher accuracy level.
Its services will also benefit from the acquisition as it can scale rapidly, increase its global footprint and strengthen offerings for financial institutions.
“With compliance costs surging to unsustainable levels, being blindsided by increasingly sophisticated criminal activity is simply not an option. It is therefore imperative for financial institutions to break through data siloes and start assessing client risk holistically across KYC and transaction monitoring,” said Sentinels’ founder and CEO, Joost van Houten.
“The combined force of Fenergo and Sentinels will ensure leading financial institutions and the fintech disrupters are best equipped to navigate the complex regulatory environment and fight financial crime.”
In a major deal in the regtech space, Fenergo, a provider of digital solutions for Know your Customer (KYC) and client lifecycle management (CLM), has acquired Sentinels, which is an artificial intelligence-based technology provider for anti-money laundering (AML) transaction monitoring.
Announced on Monday, Fenergo is aiming to strengthen its end-to-end software-as-a-service (SaaS
Software-as-a-Service (SaaS)
Software-as-a-Service (SaaS), is defined as a subscription-based software licensing model that is nested through external servers. Generally accessible through an Internet connection, SaaS requires users to log into the system by using credentials such as a username (or email) and passwords. One of SaaS’s biggest advantage would be that users aren’t required to download software onto their devices but rather only require an Internet connection to gain program access. While many trading platforms offer cloud trading services through PaaS, popular investment entities such as JPMorgan Chase released software as a service trading software known as Athena, where traders can better monitor risk while running in-depth analysis on investments. How is SaaS Used?More recently, Goldman Sachs licensed access to its risk management system, SecDB while other industry players such as MSCI the bank, and Bloomberg have become increasingly involved in the applications of SaaS within the fintech industry. Outside of retail trading, SaaS is becoming increasingly invested within the financial markets. Indeed, venture capitalists have already begun investing in SaaS startups.Companies such as Amazon Prime, Spotify, and Netflix are other forms of SaaS that would have issued exponential dividends if investors amassed the stocks during their initial public offerings. SaaS companies are classified as B2B (business-to-business) or B2C (business-to-consumer). The example including streaming conglomerates such as Netflix is an example of a successful B2C SaaS While the streaming examples just shared (Netflix) are examples of a B2C SaaS, examples of B2B SaaS include Dropbox, Adyen, MailChimp, and EverNote.
Software-as-a-Service (SaaS), is defined as a subscription-based software licensing model that is nested through external servers. Generally accessible through an Internet connection, SaaS requires users to log into the system by using credentials such as a username (or email) and passwords. One of SaaS’s biggest advantage would be that users aren’t required to download software onto their devices but rather only require an Internet connection to gain program access. While many trading platforms offer cloud trading services through PaaS, popular investment entities such as JPMorgan Chase released software as a service trading software known as Athena, where traders can better monitor risk while running in-depth analysis on investments. How is SaaS Used?More recently, Goldman Sachs licensed access to its risk management system, SecDB while other industry players such as MSCI the bank, and Bloomberg have become increasingly involved in the applications of SaaS within the fintech industry. Outside of retail trading, SaaS is becoming increasingly invested within the financial markets. Indeed, venture capitalists have already begun investing in SaaS startups.Companies such as Amazon Prime, Spotify, and Netflix are other forms of SaaS that would have issued exponential dividends if investors amassed the stocks during their initial public offerings. SaaS companies are classified as B2B (business-to-business) or B2C (business-to-consumer). The example including streaming conglomerates such as Netflix is an example of a successful B2C SaaS While the streaming examples just shared (Netflix) are examples of a B2C SaaS, examples of B2B SaaS include Dropbox, Adyen, MailChimp, and EverNote.
Read this Term) offering with the acquisition. Its clients can directly access the services of Sentinels.
“Our shared goal of aiming to solve the increasing compliance and operational challenges facing financial institutions made Sentinels an ideal fit,” said Marc Murphy, CEO of Fenergo. “By adding transaction compliance to our existing client onboarding and product origination solutions, financial institutions can monitor and review client behavior and identify risks on an ongoing basis.
“This blended approach to financial crime makes us perfectly placed to address the rising compliance
Compliance
In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others.
In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others.
Read this Term challenges faced by financial institutions more efficiently.”
Demand For Regtech Solutions Is Increasing
Sentinels was launched in 2019 and is offering cloud-based services for transaction monitoring. The company promises behavioral client risk profiles and the detection of financial crime with a higher accuracy level.
Its services will also benefit from the acquisition as it can scale rapidly, increase its global footprint and strengthen offerings for financial institutions.
“With compliance costs surging to unsustainable levels, being blindsided by increasingly sophisticated criminal activity is simply not an option. It is therefore imperative for financial institutions to break through data siloes and start assessing client risk holistically across KYC and transaction monitoring,” said Sentinels’ founder and CEO, Joost van Houten.
“The combined force of Fenergo and Sentinels will ensure leading financial institutions and the fintech disrupters are best equipped to navigate the complex regulatory environment and fight financial crime.”
Source: https://www.financemagnates.com/fintech/news/fenergo-acquires-regtech-firm-sentinels-for-an-undisclosed-sum/