Apiax, which provides a digital compliance management platform, is working with EY to deliver machine-readable regulations to financial institutions.
The Zurich-based RegTech startup has developed a platform to transform complex financial regulations into digital regulatory rules, which are deployed in banking applications
Following the announcement, Apiax will digitalise EY’s regulatory content and make it available on their regulatory platform. EY currently offers regulatory content for over 120 jurisdictions and claism to cover the ‘most pressing regulatory topics’, especially for cross-border financial services, product distribution and tax suitability.
Ralf Huber, Co-Founder of Apiax, says: “The cooperation with EY allows us to offer trusted and high-quality machine-readable regulations on the most relevant regulatory topics. They can be accessed and deployed instantly through our platform.”
The collaboration will help EY’s clients increase efficiency, manage risk, improve compliance and service transparency and reduce costs of digitally based compliance activities. Andreas Blumer, Market Segment Leader FSO Switzerland said he was excited about its cooperation with Apiax.
“Given the regulatory complexity at an all-time high and the increasing importance of digital banking, we strongly believe in the future of digital regulatory compliance.”
Apiax aims to help its clients, from banks to FinTech companies, transform complex regulations into digital compliance rules.
Its platform enables external legal experts and in-house legal and compliance teams to collaborate and manage regulations digitally. The platform consists of digital rule sets, which are kept up-to-date and verified; and, a regulatory cockpit for legal and compliance teams to manage regulatory updates, review and deploy them.
In a recent interview with RegTech Analyst, Ralf Huber, co-founder of Apiax, said the biggest challenge in the financial services industry is the sheer number of regulations and the speed at which regulatory complexity is increasing.
Earlier this year, Apiax formed a partnership with Futurae, with the collaboration increasing the IT security of Apiax’s financial regulations platform.
Apiax also recently launched a new product to allow banks and asset managers to factor the tax impact of financial instruments into their investment recommendations.
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