Finance Breaking news RegTech startup Finch Global opens for business last financial news
Breaking-Finance.Com - As financial institutions and organisations come to terms with the challenges of the post-Covid 19 world it is obvious that regulated businesses urgently need a new, more efficient, fast and secure way to onboard new customers and re-energize their existing customer base.
Breaking-Finance.Com - They also need to add value to their existing customer relationships. Finch Global aims to do just that by creating a shared service that makes it easier to take out financial products, reduces time and resources spent on compliance and reduces risk in the banking system. By improving both the effectiveness of KYC-AML processes and operational efficiency, Finch Global can do away with the inefficient, repetitive, paper trail of the existing Know-Your-Customer, Know-Your-Busines and anti-money laundering checks. Finch Global makes it easier and more efficient for businesses, both large and small to do that and creates an opportunity for their existing regulated service provider to help them by acting as their “digital chaperone”.Adrian Cannon, a founder of Finch Global and CEO of Omnio Group, a UK based fintech, commenting on the announcement said,” Finch Global is set up to address a very specific and critical issue: the inefficiency experienced by individuals, businesses and regulated service providers when signing-up for and maintaining access to services that require KYC, KYB and AML checks,” “Buying any regulated service, or simply maintaining your right to use it, requires an inefficient paper-chase and often the emailing of sensitive information over unencrypted channels. Shopping around for a good value product can involve repeatedly sending this information to several providers that will have to validate it independently before confirming they can provide the service.
. Finch Global enables a set of digital credentials to be securely stored and kept up to date for sharing now, and in the future as evidence of corporate and personal identity.Where an SME owner has a trusted relationship with an existing regulated service provider, such as their merchant acquirer, that business can issue a set of digital credentials based on the existing data it holds that can be used wherever Finch is accepted.”Finch is especially keen on working with Merchant Acquirers that support a wide variety of businesses and sole traders so that they can become their Digital Chaperone. Eventually Finch will benefit any regulated business that spends time and effort on-boarding new customers and serving large numbers of current customers. Finch was founded by a group of people that have a wealth of experience in regulated services and the systems and processes that they rely on. Several of the founders are currently running UK regulated businesses.
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