On June 22, AEFI (Spanish Fintech Insurtech Association) presented in Madrid the RegTech white paper in collaboration with Cuatrecasas and sponsored by Cecabank. During the event, in addition to the technology for regulatory compliance of signature services and certified electronic communications, there was also a discussion on GRC (Corporate Governance, Risk and Compliance) solutions, regulatory reporting, prevention of money laundering and terrorism financing, the sandbox Spanish financial system and the impact and relevance of electronic identification services according to the eIDAS regulation.
RegTech White Paper
The RegTech white paper, which you can download at this link, delves into the origin of the RegTech concept and its ecosystem and describes it, detailing its current state. It also shows a categorization of the multiple areas that integrate it and values, with concrete examples, the services provided by its companies in lines such as:
- Prevention of money laundering and terrorist financing.
- Trust services such as, among others, identification, authentication and electronic signature.
- GRC: Corporate governance, risk management and compliance.
- Assistance in regulatory reporting to supervisory authorities.
- Areas such as cybersecurity, fraud prevention, electronic communications, etc.
The report reviews the regulatory framework in which the area is framed and the laws that have motivated its birth, consolidation and subsequent expansion. Here he also critically discusses the regulatory barriers and the main concerns shared by organizations in the sector.
And after the criticism, a proposal in the form of 21 measures to adapt the regulatory framework to the needs of the entities that are part of the ecosystem. It classifies them as urgent, important and necessary. In addition to leading improvements to develop and expand the area, AEFI wants to generate visibility, confidence and awareness of its importance for economic traffic in the digital era and in a market that is expected to generate more than 15 billion euros by 2025, on a global scale.
We are RegTech and we tell you why
Customer Comms is part of the RegTech ecosystem as a technology-based consultancy, developer and integrator in which, among other things, we develop solutions designed to meet the regulatory requirements of each sector.
RegTech is needed in all regulated sectors where public supervisory bodies play a significant role. The financial sector is perhaps the most common example, but we also work to ensure regulatory compliance in other sectors such as insurance, healthcare, energy and telecommunications, which face more and more regulatory barriers every day. At the same time, we help organizations strengthen their relationship with customers and users through engaging experiences, which translates into higher conversion rates.
Our collaboration in the drafting of this white paper was based on the description, to Cuatrecasas and AEFI professionals, of our business model, our relationship with technology, the services we offer and everything we contribute to the RegTech universe.
In fact, the focus of our core business in trusted communications is directly associated with one of the main areas of this ecosystem: trust services. This is accredited by the Ministry of Economic Affairs and Digital Transformation with its recognition as a qualified trusted electronic service provider in the certified electronic delivery modality.
Likewise, our knowledge and the platforms we have developed provide added value in processes related to the prevention of money laundering, for example, when it comes to communicating reliably with customers, with all the evidence required in this area, the compliance, especially as it relates to the RGPD, eIDAS, MIFIDII and IDD, and content certification, useful in the reports submitted to supervisors and regulators.
Our contribution to the valorization of RegTech’s services
Identify your customer and get their permission to contact them, in a simple and secure onboarding process.
– KYC. Identity verification and electronic authentication.
– RGPD. Obtaining and managing consent.
A 100% digital process with full legal guarantee
– Electronic signature: simple, advanced and qualified.
– Virtual Signature Room.
– Electronic seal.
– Time stamp.
– Electronic document custody
Improved customer experience (CX 360º)
– Certified multichannel communication (SMS, email and postal)
– CCM (Customer Communications Manager), including with legal reliability.
– Marketing communications.
– Transactional communications.
– Dynamic communications.
Secure multichannel certified communications, with maximum legal reliability.
– Contractual changes.
– Debt notifications.
– Resolution of claims.
– Consents for specific acts.
Preservation, conservation and custody
– Preservation of electronic signatures and seals.
– Conservation of information.
– Consent management (RGPD).
– Custody of evidence in blockchain.
