RegTech Platform: Plugins make available AI tools, Machine Learning, Business Intelligence


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RegTech platform helps users leverage crime-fighting advances in AI and Machine Learning

By Frank Cummings, CEO of AML Partners

Accelerating developments in AI and related technologies hold great promise for the future of fighting financial crime. But factors like cost, consulting contracts, time to implement, and early obsolescence make institutions leary of adopting substantial advances available immediately. With the RegTech OneTM platform, institutions can leverage today’s best tech—and still have the budget and energy to leverage tomorrow’s. The transformative key is platform technology for RegTech.

AML Partners created the RegTech One platform as a facilitator of any and all tools to help fight financial crime. Imagine RegTech One like a cell phone’s operating system that allows the user to choose, use, add, and delete applications at will. Institutions that implement the RegTech One platform may choose, use, add, and delete the best technologies to fight financial crime—and they may do this without consultants and in days and weeks, rather than months and years. With AML Partners’ RegTech platform, institutions quickly leverage today’s best technologies—and also tomorrow’s. With RegTech One, institutions can use the best AI and machine learning available today—and they can advance to the next advance in AI without fear of previously sunk costs.

RegTech OneTM: Designed to Work with Everyone’s Tech

The bedrock design principle of RegTech One is this: We want RegTech One to work with everyone’s tech—and we want institutions to be able to integrate the best of breed of any system in days and weeks, not months and years. With RegTech One’s platform facilitation, institutions choose, use, add, and delete whatever tools best fight financial crimes specific to that institution today.

Part of what is monumental about our platform’s facilitation of best in breed is the race to develop financial-crime AI. Many organizations are currently attempting to create the all-in financial-crime AI. But this kind of tech development tends to occur over time and with incremental advances occurring at many organizations.

Leveraging New Advances in AI, Machine Learning

Our RegTech platform makes possible the leveraging of each incremental advance from whatever organization achieves it—in ways that are cost- and time-effective and that are manageable by the institution itself rather than an army of consultants and developers. With RegTech One, assorted tools for machine learning and artificial intelligence simply plug into the system. And because users choose, use, add, and delete at will, each ‘next best thing’ can be your own best thing in days or weeks, not months or years.

This is possible because we started with the goal of wanting to integrate everyone’s tech and not considering anyone a competitor. This means various technologies can work together, and we can workflow the best solution unique to each customer.

Extensibility Is the Key

We operationalize this platform facilitation with what we call the Three I’s of Extensibility: Interface, Integrate, and Incorporate. Here is what we mean by that, in terms of the RegTech One platform facilitating an array of financial-crimes tools from various vendors:

Interface: An interface is simply a request to either push data to or pull data from an external system.

Integrate: An integration is where we use our plugin framework to create a mini-app to talk to the APIs of external systems. We use this to integrate with a lot of the AIs that check for document validations or check for human cognitive load. These are all integration points for RegTech One.

Incorporate: Incorporation as an extensibility option refers to granting a place to a new technology within RegTech One’s framework. With incorporation, the full functionality of that external system displays on the screen as if it were running inside of RegTech One. For example, we have incorporated–as the extensibility option—a business-intelligence platform now available in workflows created on RegTech One. The newly incorporated BI system from another vendor gives RegTech One users access to predictive analytics and other machine-learning algorithms to use against our transactional data.

It’s this extraordinary extensibility—and the whatever-you-need flexibility for extensibility—that makes RegTech One a transformative threat to the current legacy KYC/AML providers.  Not only is RegTech One an agile facilitator of the accelerating advances in the AI/ML world, we disrupt the “Consultants’ Cookie Jar” business model that has dominated AML/KYC at a great cost to financial institutions, both in terms of money and effectiveness

With RegTech One, front-end users add the tools they need, configure them to their own requirements, and implement changes in just days or weeks. This delivers well-managed costs and peak results—and no more endless consulting contracts.

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AML Partners: RegTech 100, CapGemini ScaleUp, and NewTech Watchlist

Governance, Risk, and Compliance: Software solutions transform results, costs

AML Partners designs GRC and AML software solutions that transform the work of Governance, Risk, and Compliance. With AML Partners’ platform technology for RegTech, AML and GRC software solutions are easier, faster, and so much more efficient. Contact us today to learn how platform technology and our SURETY-CDD and related AML tools can transform the efficiency and effectiveness of your unique GRC and AML Compliance efforts.  Contact us today to learn more or schedule a demo of SURETY-CDD or the RegTech One platform. With extraordinary configurability and built for API extensibility, the RegTech One platform powers a range of AML/KYC tools but also CECL workflows, vendor management, cyber risk workflows, FCPA workflows, and so much more. RegTech One: For your institution’s Network of Applications and Ecosystem of Permissioned Data.