PerformLine, a provider of automated compliance solutions for enterprises, has launched its Complaint Risk Signal Platform.
The new platform uses data from the Consumer Financial Protection Bureau’s (CFPB) Consumer Complaint Database, enabling companies to see the risk associated with their consumer complaints. It provides companies with insights into their own complaint data, comparing it to their competitors, and an overall assessment of a company’s risk based on the analysis of CFPB complaints and enforcement data.
Complaint Risk Signal Platform also enables companies to see complaint trends over time, monthly trends, sub-product details, issue trends, untimely responses, response types and text analysis.
Alex Baydin, CEO of PerformLine, said: “When a company has a better understanding of their consumer complaints, they have a better understanding of their regulatory risk. The intelligence and analysis of consumer complaints provided by our platform offers those using it a competitive advantage with visibility into how complaints are trending across multiple data points.”
PerformLine , which launched in 2008, delivers automated compliance solutions for enterprises looking to mitigate regulatory risk and ensure brand safety. The startup claims to provide its clients with significant time and costs savings by automating compliance activities across channels and departments.
With regulation and compliance creating a growing number of issues in the finance market with the deadline for MiFID II approaching, October has seen a number of RegTech companies close new funding rounds.
KYC solution provider norbloc recently closed a $1.6m seed round led by Greece-base Marathon Venture Capital, while Identity verification platform Alloy pulled in £3.8m in its seed funding round led by Eniac Ventures.
Illuminate Financial also recently completed its second RegTech deal in as many months by backing UK-based startup TransFICC. The company, which looks to address fragmentation in fixed income markets, secured €1m in early stage investment from Illuminate Financial and Commerzbank fund Main Incubator.
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