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 RegTechONE 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 RegTechONE platform as a facilitator of any and all tools to help fight financial crime. Imagine RegTechONE like a cell phone’s operating system that allows the user to choose, use, add, and delete applications at will. Institutions that implement the RegTechONE 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 RegTechONE, 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.
RegTechONE: Designed to Work with Everyone’s Tech
The bedrock design principle of RegTechONE is this: We want RegTechONE 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 RegTechONE’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 RegTechONE, 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 RegTechONE 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 RegTechONE.
Incorporate: Incorporation as an extensibility option refers to granting a place to a new technology within RegTechONE’s framework. With incorporation, the full functionality of that external system displays on the screen as if it were running inside of RegTechONE. For example, we have incorporated–as the extensibility option—a business-intelligence platform now available in workflows created on RegTechONE. The newly incorporated BI system from another vendor gives RegTechONE 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 RegTechONE a transformative threat to the current legacy KYC/AML providers. Not only is RegTechONE 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 RegTechONE, 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.
Governance, Risk, and Compliance: Software solutions transform results, costs
With AML Partners’ platform technology for RegTech, updating and upgrading your AML and eGRC software solutions is easier, faster, and much less expensive. Contact us today to explore how platform technology and our end-to-end AML Ecosystem powered by the RegTechONE platform–can transform the efficiency and effectiveness of your unique AML Compliance efforts. RegTechONE software for AML Compliance includes fully integrated modules for CDD KYC software for on-boarding, behavior and transaction monitoring software, and sanctions screening software for comprehensive AML screening. And AML Partners simplifies your end-to-end fully integrated AML Compliance efforts even further with an optional Subpoena Search module for FinCEN 314a and similar subpoena searches. Contact us today to learn about our proof-of-concept option or schedule a demo of RegTechONE, the AML software ecosystem. With extraordinary configurability and built for API extensibility, the RegTechONE AML software platformpowers not only an end-to-end AML software solution but also vendor management, AML client lifecycle management, eKYC Golden Records, Perpetual KYC, and so much more.
