Synechron, Inc. has announced the launch of its RegTech Accelerator program. Synechron’s RegTech Accelerators are focused on financial services applications to increase efficiency in processes relating to regulatory compliance. By leveraging Synechron’s unique combination of expertise in business consulting, technology, and digital experience, its RegTech Accelerators were created to give financial organizations the benefit of increased control through technology, which will allow for greater transparency, more efficiency, better data quality, and better overall management of risk and regulatory compliance.
Taking into consideration the vast number of regulations impacting global firms recently and those that are scheduled through the next few years, and the estimation that financial institutions will spend up to 10% of their total revenue on compliance by 2022, each of Synechron’s six RegTech Accelerators has been designed to address specific regulatory challenges, including solutions for the following regulations: Anti-Money Laundering (AML), Know Your Customer (KYC), Basel III, International Financial Reporting Standards (IFRS) 9, the Generally Accepted Accounting Principles (GAAP) and the Fundamental Review of the Trading Book (FRTB). While creating more control over processes for financial institutions, the Accelerators may also benefit users by reducing compliance costs and making regulatory compliance and risk management quicker, simpler, and more efficient as firms adjust to the evolving global regulatory landscape. Synechron’s Accelerator program is supported by best-in-class partnerships, including with data lineage solution provider Solidatus.