RegTech startup Apiax, which provides a digital compliance management platform, has formed a partnership with Futurae.
The two technology startups will collaborate to increase the IT security of Apiax’s financial regulations platform.
With the Futurae integration, Apiax said it will be offering its platform users an authentication solution that ‘fulfills the highest security requirements’ while also providing ‘unparalleled’ user-friendliness.
Futurae’s core product is ‘SoundProof’, a two-factor authentication solution that works without user interaction. The technology uses a machine learning algorithm to securely authenticate the user via ambient noise and context information.
“With Apiax, we not only gain a new customer, but also strengthen the Swiss FinTech and RegTech ecosystem with two complementary high qualitative technologies,” says Sandra Tobler, CEO of Futurae.
Founded in 2016, Futurae aims to make the authentication process easier and safer for users and companies. Its authentication suite provides AI-based authentication and regulatory-compliant products including GDPR, PSD2, HIPAA/HITECH, and FSC, among others. Its portfolio allows end users secure and seamless access to sensitive data.
“In addition to the high level of security, the simple and fast technical integration was the reason for our cooperation with Futurae,” commented Thomas Suter, CTO and co-founder of Apiax.
Switzerland-based Apiax aims to help its clients, from banks to FinTech companies, transform complex regulations into digital compliance rules.
It provides a digital compliance management platform to enable 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.
“We think that the core of the RegTech industry is the digitalisation of regulations and to connect the know-how from regulatory experts such as consultancy firms with financial institutions in a way that empowers today’s digital processes and products,” he said.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
