RegTech Finch launches to enhance support for pandemic challenges

Seeking to enhance the continually evolving challenge of coping with the COVID-19 pandemic, RegTech Finch has launched to boost the effectiveness of KYC and AML procedures. 

The firm has outlined ambitions to elevate efficiency when it comes to customer onboarding, as partners look to ‘re-energise their existing customer base’.

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.

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. In the digital age that is hugely inefficient. 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.”

Issuing the update, the firm added: “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’.”