Clausematch, which builds tools to automate policy management and compliance, is now used by 90,000 Barclays Bank employees around the world.
The RegTech company stated this is one of the first and largest initiatives in the space and reflects its growing presence in the financial sector.
Its technology is used in Barclays to solve governance problems, realising significant cost savings and reducing compliance-based risk. The implementation of Barclay’s Policy Portal in partnership with Clausematch is the culmination of six years of collaboration.
The Policy Hub has evolved into the Policy portal, a digitised, central point of reference for all of Barclays’ policies and standards. It offers simplified workflows and can save up to 25% in time and resources when creating, reviewing, approving and publishing policies.
Clausematch CEO and founder Evgeny Likhoded said, “We are proud to have established a long-term working relationship with Barclays that’s bringing tangible benefits in an area as complex as financial compliance.
“Our partnership demonstrates the mutual advantages and value to be gained by sharing the technical agility of a startup with the expertise and scale of an established institution like Barclays.”
Barclays first supported Clausematch in 2014 by selecting the RegTech company for its inaugural Barclays Accelerator program. The bank initially implemented Clausematch’s technology within its compliance functions and served as the groundwork for its Policy Hub, which was one of Barclay’s first cloud-based implementations.
Barclays UK head of digital product development Richard Thompson said, “Back in 2014, Clausematch was a smart and promising small company of just six people looking for the right product-market fit. We knew that their ideas chimed with Barclays’ digitization goals and that they’d be able to benefit from the experience and mentoring of our business teams.”
Earlier in the year, Clausematch launched a Partnerships and Certification program for financial institutions and regulators. This end-to-end holistic solution is designed to help firms complete compliance processes.
Copyright © 2018 RegTech Analyst