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PHOENIX, Sept. 11, 2019 (GLOBE NEWSWIRE) -- WesPay 2019 Payments Symposium--Today Compliance.ai announced its membership with WesPay. Joining WesPay’s 1,000 financial industry members, Compliance.ai brings its award winning and industry recognized regulatory compliance solutions to one of the oldest and most established electronic payments associations.
Compliance.ai’s modern technology automates the tedious, manual and complex steps within the regulatory change management process to manage and keep up with banking and financial regulations including timely and critical information related to changes in payment related rules.
“WesPay is a trusted source for our members to develop and maintain a payments risk governance framework,” said Kim Bickford at WesPay. “With Compliance.ai, our members can empower their compliance teams to proactively manage regulatory changes.”
The number of individual regulatory changes financial institutions must track on a global scale has more than tripled since 2011, while banks and other financial institutions have spent nearly $321 billion on compliance enforcement actions (from 2007 until 2016).1 Regulatory compliance has become increasingly burdensome and costly to manage, and every financial organization is feeling immense pressure to update resource-intensive manual compliance programs.
“Compliance.ai is a software company on a mission to transform the way highly regulated organizations and regulators address risk, and to modernize the complex rulemaking process,” said Kayvan Alikhani, CEO and co-founder of Compliance.ai. “We’re excited to have joined WesPay with our experience to intelligently assess and mitigate compliance risk, avoid supervisory actions and safeguard corporate reputations.”
Compliance.ai’s RCM solutions automate the tedious and complex steps within the regulatory compliance process for banks, financial services and insurance companies in a timely and cost-effective manner. Compliance.ai recently announced a series of channel partnerships with several GRC, RCM and IRM solutions, including 360factors, Blueprint Systems and LogicManager, to provide banks and credit unions a centralized and comprehensive modern compliance management solution.
You can learn more about Compliance.ai and its regulatory change management solutions at WesPay’s 2019 Payments Symposium (hosted at the Arizona Grand Resort & Spa in Phoenix, AZ) by visiting Compliance.ai in Salon 4&5 at table #8 or the FinTech Showcase on the evening of Thursday, September 12 in Salon 6.
Compliance.ai is transforming the way highly regulated organizations address compliance risk. Its Modern Regulatory Change Management (RCM) solution empowers banks, financial services and insurance companies to proactively manage the growing volume and velocity of regulatory changes as they occur and makes it simple to implement the correct steps to remain in compliance. Modern RCM by Compliance.ai delivers relevant content with personalized insights, obligation analysis and risk monitoring. With Compliance.ai, organizations can intelligently assess and mitigate compliance risk, avoid supervisory actions and safeguard their corporate reputations without increasing headcount.
Jessica Jaffe, Sift Communications, Jessica.Jaffe@siftpr.com
1 Boston Consulting Group, “Staying the Course in Banking,” 2017: https://www.bcg.com/en-us/publications/2017/financial-institutions-growth-global-risk-2017-staying-course-banking.aspx