We’ve long heard about automation and the enormous benefits of bringing intelligence to all business processes, which range from cost savings to improved productivity or regulatory compliance.
In the first post of this series we started to discuss the Action Plan the European Commission published the last 8th of March with the objective of taking advantage of the opportunities technology provides to financial services.
In this third post of the series dedicated to the contribution of Addalia’s solutions to credit institution’s legal compliance, we will focus on how Iddiligence deals with the client validation process.
On the 8th of March of 2018 the European Commission published an Action Plan to take advantage of the opportunities offered by the technological innovation aimed at the financial services (FinTech), and with the objective of repositioning Europe, it’s institutions and companies, in the place they are entitled to by law, as proven by the important volume of FinTech startups in our continent.
The Institutions of the European Union have worked over the last years on a regulation that points out, in a harmonized way, the identification and signature mechanisms that must be accepted by all the member states in their cross-border relations.
Bureaucracy is a curious two-way street: just as it is necessary for the proper functioning of the public sector and of many (or all) of companies, its also a nuisance for the users and for the employees which have to manage it. Handling tens of thousands of documents every day, as the bank does without going any further, is a process with no added value in itself which supposes a real cost in time and resources for the institutions themselves.
Finweg, Addalia’s spin-off specializing in the development of blockchain solutions for electronic payment methods, is already among the 308 startups that are part of Finnovating’s FinTech Map, which brings together the main FinTech startups in Spain.