Top 10 Regtech Companies in 2023
Regtech helps companies meet their regulatory and compliance obligations and is one of the fastest-growing aspects of fintech; becoming ever more important to the day-to-day operations of businesses in the UK.
Regtech not only offers a way for businesses to speed up time and labour-intensive processes but also allows them to minimize human error and perform these functions more accurately.
Whilst different sectors will have different regulatory requirements, currently it is meeting AML requirements in a way that satisfies regulations without slowing down business processes and making customers less profitable which is causing the most widespread pain in the industry.
As such, AML solutions are currently the biggest part of the regtech industry. But should meeting any other regulations present a problem for businesses, there is likely to be a regtech solution.
Below we will look at the top ten regtech providers.
What is Regtech?
Regtech simply means any technology that helps companies meet their regulatory obligations. It is often considered to be a subsection of the larger fintech sector and is commonly found within organisations that provide financial services. Many regtech companies also offer other fintech services.
Regtech aims to both help companies meet government regulations and operate legally, providing them with a way to do this as efficiently and conveniently as possible, with the least interruption to their business process.
Whilst regtech services exist for all manner of regulatory requirements there are currently two main sectors to the regtech market: financial regulations around banking and regulations around money laundering.
10) Truelayer
Truelayer is a leading provider of open banking, payment, and bank account verification software. They provide a multifaceted solution that allows a company’s clients to pay securely via open banking and allows the company itself to meet its regulatory requirements by verifying the clients' accounts in the process.
Bank account verification can also be included in a company’s AML and KYC procedures as an added level of security and further means of identity verification.
9) Fullcircl
Born from the combination of Duedil and Artesian, FullCircl is a business data and compliance software provider.
FullCircl offers fully compliant AML and enhanced due diligence checks, including ongoing monitoring, as well as business data reports and market analytics. This provides a service that spans the sales journey, from prospecting to onboarding.
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8) SmartSearch
Smart Search are a Regtech company that provides AML, enhanced due diligence checks and ongoing monitoring of clients. Smartsearch specialises in AML compliance and brings together the checks and monitoring that companies in the regulated sector require.
SmartSearch's featured tools include:
- User-friendly interface
- Powerful search engine
- Wide range of reports
- Integration with other AML systems
7) Experian
Experian are a consumer credit giant, perhaps the most well-known name on this list. As a global leader in consumer credit checks, Experian were well-positioned to expand their services and move into regtech.
Now offering AML and enhanced due diligence checks and monitoring, Experian can help a company reduce their consumer credit risk and meet their AML compliance requirements.
6) Comply Advantage
ComplyAdvantage is a regtech solution specialising in AML compliance and fraud prevention. They offer a range of services to help companies protect themselves from financial crime.
Using this platform, a company is able to run all the AML checks required to remain compliant and to deploy advanced fraud screening tests; including transaction monitoring, fraud prevention and payment screening.
5) Onfido
Regtech services provider Onfido allows companies to perform AML checks and documentation verification.
Onfido leverages AI technology to provide an added level of security and accuracy to their offering, by matching the customer's face to their ID document, as well as verifying that the document itself is genuine.
4) Creditsafe
One of the leading providers of business data, Credit safe also offers AML compliance services.
With a database of businesses that spans the globe, Creditsafe allows its customers to download company reports and understand the creditworthiness of millions of businesses to ensure they only deal with financially stable clients. They are then able to leverage Creditsafe’s regtech offering to perform their AML compliance checks.
For B2B companies in the regulated sector, Creditsafe offers a complete risk and compliance service.
3) Bureau Van Dijk
A Moody’s analytics company, BVD is a major global player in the data sector. They bring advanced analytics technology to the market to provide cutting-edge insights and services to companies around the globe
Amongst the plethora of services offered by BVD are PEPs and sanctions checks and banking compliance software.
2) Dunn & Bradstreet
One of the world’s largest business data providers, Dun and Bradstreet offers a huge range of services to the business world. As well as providing data, D&B are also a leading collector of data from around the globe and is an important provider to many other data companies.
D&B’s clients tend to be large enterprises that require large amounts of data for many different reasons.
1) Red Flag Alert
Red Flag Alert is a leading business data and compliance software platform originally developed by the UK’s leading insolvency practitioners, Begbies Traynor. Now a separate company, Red Flag Alert maintains its expertise in predicting the early warning signs of risk and also brings it to AML compliance.
Red Flag Alert has a cutting-edge, fully digital platform with a fully compliant suite of AML and enhanced due diligence checks that have been designed specifically to solve the problem of AML compliance and due diligence slowing down business. With advanced AI powering the platform, it takes less than a minute of staff time to send out each check, which a customer then conveniently completes directly on their device.
As well as making their compliance processes more efficient, with Red Flag Alert, businesses can access detailed company reports on all UK businesses. Each report contains full financial information, business credit scores, financial history and UBO information.
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Red Flag Alert offers our customers the ability to fight financial crime instantly, with our digitally enhanced and secure AML software. Customers can self-serve identity verification for all of their KYC checks, completely remotely and efficiently, saving time and providing digital storage for your ongoing audit trail.
Get peace of mind by performing your AML checks in seconds, optimising your customer screening and ensuring due diligence to assure your regulatory compliance.
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