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Regtech: How Technology is Simplifying Regulatory Compliance

Posted on by Imarticus Learning

The growth of information technology has led to major industries around the world seeking out digital solutions for streamlining their operations. Keeping up the pace, fintech has also adapted to digital tools, bringing forth new products and services that lean towards accessibility and user convenience.

best Fintech course in India

In recent years, RegTech has emerged as one of the commonly used tools implemented by fintech organisations to support regulatory compliance, in addition to monitoring audit trails and preventing fraudulent activities across platforms. If you are pursuing a blockchain course, this article is a quick guide to RegTech and its potential in the fintech industry.

What is RegTech?

Regulatory Technology, or RegTech as it is commonly known, has been steadily growing popular as an automated, technology-driven digital tool allowing organisations to keep up with their regulatory compliance commitments. In the era of digital solutions and technologies, RegTech has been noted for its immense potential in the financial industry, where RegTech can be implemented to monitor a company’s regulatory compliance and monitoring. 

In addition to streamlining the process of regulatory compliance, RegTech can reduce expenses, and eliminate the risks of fraudulent activities such as cyber hacks and data breaches. RegTech can simultaneously monitor and keep up with changes in various aspects of the regulatory space, including data analysis and management, employee surveillance, tracking transactions, detection of fraudulent activities, and more.

What makes RegTech relevant in the fintech industry?

RegTech has been recognised for the promises it brings in support of regulatory compliance, with integration, analytics and speed being its principal assets. With the ability to seamlessly process and organize data sets, as well as generate quick reports, RegTech is an incredible addition to the rapidly evolving environment of regulatory compliance. 

RegTech has also drawn attention in terms of adaptability and can be integrated into systems, even with limited resources. Mentioned below are some of the capabilities that make RegTech adaptable to conditions with limited resources:

  • Compliance monitoring

RegTech tools serve the primary function of monitoring regulatory compliance, which includes tracking any changes in regulatory compliance procedures and standards. RegTech tools can identify various parameters and jurisdictions imposed on regulatory compliance and use the information to flag potential breaches, making sure that the organisation is able to keep up with all regulatory compliance requirements.  

  • Regulatory monitoring

Dedicated analytics tools make RegTech an efficient digital solution, and offer automated regulatory reporting tasks, which significantly lowers expenses and saves time. Furthermore, RegTech makes use of limited resources to efficiently process data sets and organize them accordingly. RegTech’s audit capacities make it easier for companies to stay up-to-date with regulatory compliance and change management. 

  • Risk assessment

RegTech compares transaction patterns based on past scenarios, such as user activity and purchases to authenticate new transactions. This can be extremely helpful in terms of risk assessment, and issues automated warnings to concerned parties, predicting fraudulent activities. Since RegTech can adhere to company protocols and predetermined rules, it has found application as a potential risk management tool that can automatically prevent suspicious activities.

  • Identity verification 

RegTech tools can be integrated with KYC/KYB procedures, allowing organisations to verify the legitimacy of their customers, significantly lowering the risks of fraudulent accounts and transactions. KYC protocols allow RegTech to compare customer information, as well as secure onboard users.  

  • Fraud detection and anti-money laundering

RegTech supports expansive detection and monitoring tools that allow users to collect and analyse data. The collected data can be compared to analyse suspicious activities across platforms, eliminate fraudulent submissions, and handle precautionary measures. RegTech tools also help companies to keep government agencies informed about suspicious users and activities.

  • Tracking and monitoring

Incorporating RegTech can allow organisations to actively track transactions in real-time through transaction monitoring software. Other than flagging potentially suspicious activities, RegTech also accounts for eliminating ACH Network fraud and account takeover frauds, preventing any financial or data breach.

How does RegTech simplify regulatory compliance?

Managing regulatory compliance can be challenging, considering the domain of fintech undergoes changes on an everyday basis. Keeping up with compliance measures can also prove time-consuming and expensive, requiring additional resources to avoid fraud. Since RegTech tools are intuitive, they can help companies avoid additional expenses and save time. Although users are advised to learn financial technology for the best application of RegTech tools, they can also be easily operated without extensive knowledge of cloud computing. 

Incorporating RegTech has also made the domain of fintech more accessible and streamlined for its users. Given below are some of the ways in which RegTech can simplify regulatory compliance for fintech companies:

  • Improved regulatory screening and monitoring

As discussed previously, RegTech has been very influential when it comes to regulatory screening. However, in addition to collecting and analysing data sets, RegTech is also able to recommend strategic use of all available data. RegTech can accurately analyse expanding regulations to predict upcoming changes and help industries prepare accordingly. 

In addition to staying compliant with regulatory changes, this can also help industries avoid additional expenditures. Furthermore, using RegTech tools can help monitor workflow, ensuring they are up to regulatory standards. Improved regulatory screening and monitoring using RegTech tools also help companies implement proactive measures on time. 

  • Keeping up with regulatory standards

The ever-expanding nature of compliance standards often makes it difficult for companies to stay ahead of regulatory changes. RegTech tools can be extremely helpful in this regard, as they can seamlessly collect and process data, allowing companies to act quickly without having to resort to guesswork. And since RegTech tools make predictions taking into account factors like jurisdictions and market conditions, they can help streamline the process, saving time and money.

  • User-friendly automation 

While the efficiency that RegTech tools bring in terms of time and resources is enough reason for RegTech’s steady popularity, its automated compliance reporting feature is undoubtedly a game-changer. Automated updates on regulatory changes can help industries easily meet compliance standards, keep track of transactions, and collaborate with relevant agencies.

Conclusion

The wide scope of RegTech has been praised across various financial institutions and platforms, making it a staple for financial accounting and management. If you wish to pursue a career in fintech, signing up for the Professional Certificate Course from Imarticus is the best step forward. In addition to relevant courses like the blockchain course and cloud computing, Imarticus offers comprehensive coaching to help you learn financial technology and its application. Visit Imarticus Learning today to begin your journey in fintech.

How is Blockchain Disrupting the Finance Sector

Posted on by Imarticus Learning

Blockchain’s digital record-keeping system allows for the easy recording of transactions with the added advantage of security and resilience. But, why is blockchain technology in the news? 

Blockchain has saturated how operational fees and security measures work. Jamie Dimon, CEO of JPMorgan Chase & Co., has expressed concern about how blockchain operates by simplifying asset acquisition. 

With an increasing number of companies leaning on this technology, the future of the financial sector may be affected. Keeping these factors in mind, we have penned down a blog examining how blockchain disrupts the end. 

How does blockchain work?

As a distributed ledger technology, blockchain stores data on multiple databases. It does so via a peer-to-peer network compared to a single central server. 

The primary function of blockchain technology is to store the details of any transaction. Furthermore, the chain is not subject to change over time, making it impossible for further editing and altering.

Blockchain’s high-security functions are attributed to its distribution system. It implies there isn’t a single point of failure, making it tricky for hackers to hack into sensitive information and steal data.

Fintech Course

Because of its distributed system, it is also more efficient than any known intermediaries like banks and other payment processors. Due to these reasons, blockchain technology has evolved to be a highly efficient and appealing technology for individuals and businesses alike.

Financial areas with chances of disruption

Introducing distributed ledger technology (DLT) has made it easier for blockchain technology to employ financial cooperation. In addition to being cooperative, it is expected to raise ledger standards and pave an easier way. A financial technology course can offer you more insights into blockchain and its usage with DLT.

Fundraising

Blockchain enables donors to know the whereabouts of their money and how it is being used, making the process transparent. This technology can also build an efficient fundraising model with reduced overhead costs. Initial coin offerings (ICOs) are looking to integrate a new model into the financial world compared to traditional donation processing.

Payments

The rise of Bitcoin and Ethereum has led to several decentralised ledgers for initiating payments. Majority of the European Payments Council members believed blockchain would revolutionise the industry by 2025. In terms of payments, blockchain technologies offer users a secure and instantaneous payment option. With reduced costs and enabling services such as micropayments, it facilitates better transactions and payments.

Clearance system/settlement system

As distributed ledgers utilise shared technology, operational costs decrease, making it easier to acquire faster transactions. These costs include both execution and reconciliation, which can be significantly simplified.

Finance and trading

A distributed ledger employed by blockchain can yield faster and better results than traditional trading methods. It will enable transparency, trust, and security measures in every transaction. The international trade processing costs are stipulated to save $17B to $24B by implementing a distributed ledger system.

Stocks and bonds

Blockchain can decentralise the process of creating stocks and bonds. It makes it easier to acquire securities with the latest technology at hand.

Credit system

Blockchain streamlines the traditional credit system and handling of loans, optimising the acquiring process. Due to its increased security measures, the operational costs associated with the technology are bound to be low. To sum it up, it makes acquiring loans a more accessible pursuit.

Know your customer (KYC) policy

Storing general customer information and sensitive data optimises decentralised assets. In turn, this paves the way for easier data sharing amongst stakeholders.

Security measures

Traditional financial and banking institutions are seeing a competitor in blockchain as it offers enhanced security measures. These include digital signatures, timestamping, and cryptographic encryption at the click of a button.

Compliance process

Blockchain has a way of optimising compliance processes by offering to audit customer activity and follow-up. Introducing KYC is also beneficial and makes for a better way to track customer verification.

Access to financial services

A distributed ledger can offer financial services in developing countries instead of traditional banking operatives. This financial inclusion can aid developing countries in creating more efficient systems accessible even from remote locations. It can even increase transparency in terms of land records and government services. 

Conclusion

As distributed ledgers and blockchain technology gear up to enter a world of faster and more secure transactions, the global financial sectors are looking out for fierce competition. To understand more about the financial industry’s transformation with increasing technological advancements, opt for the SP Jain Fintech certification, which is brought to you by Imarticus.

The certification includes a comprehensive overview of the fundamentals of fintech, including proven business models and legal and regulatory frameworks needed for financial development. 

It is ideal for professionals who wish to have a good idea of the industry to excel in a competitive workplace. Additionally, you can use it to create a competitive advantage. Enrol now and be a part of the future of finance! 

10 Blockchain Predictions For 2022

Posted on by Imarticus Learning

10 Blockchain Predictions For 2022

The rise of blockchain technology has been one of the most important developments of the past decade. In this blog post, we’ll look at some predictions for the future of blockchain technology.

In recent years, Blockchain technology has seen tremendous growth and adoption. Numerous businesses and organizations have started to utilize the Blockchain in various ways, from developing new cryptocurrencies to streamlining supply chain management.

As Blockchain technology continues to evolve, what can we expect to see in the next few years? 

Here are some predictions for the Blockchain landscape in 2022:

  • More businesses will start to use the Blockchain for the supply chain management.

Experts in cryptocurrency and Blockchain anticipate that more individuals will use Bitcoin as a digital asset in 2022. They also believe that more knowledge of the sector and the underlying technologies will encourage adoption. More nations will accept Bitcoin as a legal currency to improve and promote the efficiency of their economic and financial infrastructure.

  • The Blockchain will become more decentralized

The blockchain course will continue to become more decentralized as time goes on. It is because the technology is still in its early stages and is not yet fully developed. The more people learn about the Blockchain and its use, the more decentralized it will become. This is a good thing for the Blockchain, as it will make it more secure and resistant to attack.

  • More organizations will develop their cryptocurrencies.

Organizational cryptocurrencies are tokens developed and issued by organizations for use within their ecosystem. These tokens can get used for various purposes, such as funding, governance, or loyalty programs.

  • The use of smart contracts will become more widespread.

The benefits of using smart contracts are manifold, from increased security to automated execution. With the rise of blockchain technology, we see more and more businesses and organizations adopt intelligent contracts into their workflow. 

  • Enhanced Regulations

 Several investors and industry analysts will implement new crypto laws in 2022. While perspectives on this subject differ, numerous government groups feel that more prominent industry participants want more apparent laws and that incorporating regulations would help them establish trust in the sector and encourage them to embrace other significant cryptos in the future.

  • Global banks will launch more Bitcoin-related services.

Although the connection between cryptocurrencies such as Bitcoin and centralized banks is not ideal, with the rising popularity of cryptocurrencies, more and more central banks will be providing Bitcoin-related services in 2022. Major banks are pursuing projects that reflect on cryptocurrencies’ decentralized character and launch such programs in response to consumer requirements.

Discover a career in FinTech with Imarticus Learning

Blockchain certification empowers students’ FinTech knowledge by providing them with hands-on training from industry professionals, real-world case studies, projects incorporating technologies like Blockchain and Cloud Computing, and meaningful connections with FinTech industry leaders and entrepreneurs.

Course Benefits for Learners:

  • Learners will understand how to apply machine learning and blockchain technology principles in their daily operations.
  • Fintech has a bright future, and learners may stay up to date by attending networking events, job postings, or webinars.
  • These are the best fintech courses in India that will prepare students to land their dream careers after graduation!

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