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What is RegTech?

RegTech seeks to keep regulatory compliance up to date with the evolution of 21st century technology.

Where FinTech used new developments in technology to improve the financial industry, RegTech will see a similar overhaul when it comes to compliance.

In an increasingly digital world, when we step ever closer to the Internet of Things and truly digital economies, we need solutions that are as advanced as the areas they are overseeing; there is little point in having paper-based method of regulation in the modern world, but some industries still rely on physical documentation and checks.
Instead, as blockchain, cryptocurrencies, AI and IoT disrupt the finance industry and more besides, solutions using those same technologies – RegTech – needs to be implemented.

“There are huge benefits to the introduction of RegTech and they are essentially equivalent to the advantages that were seen by the financial industry with the introduction of FinTech”

From increased speed and efficiency, to improved security and reliability. Never before has the opportunity to provide user privacy and control whilst maintaining compliance been possible. A report in 2018 from the US Financial Industry Regulatory Authority (FINRA) discussed potential applications of RegTech and the consequences it could see.

As highlighted in the report, two key areas for RegTech to begin with would naturally be Know Your Customer (KYC) and Anti-Money-Laundering (AML).

Blockpass is leading the RegTech charge

Blockpass is bringing RegTech solutions to the masses

Through its research and development, including its flagship product of the Blockpass KYC Connect™ solution, Blockpass enables users to gain control of their personal information, allowing them to share it securely and easily with companies that they wish to use the services of.

A revolutionary app

The Blockpass app avoids involving middlemen or custodians of identity to help prevent the misuse of personal data or the lure of honeypot-type databases that hackers target for lucrative benefits.

KYC Connect™
A Complete Solution Portfolio

Blockpass offers a multi-product portfolio that allows merchants to choose the scale of solution that applies to each business and jurisdiction. Whether a business wants only Face Match certification, or if they also require KYC, AML or enhanced SLAs, Blockpass is able to offer a full range of identity verification solutions.

NEW Start using KYC Connect™ today through our online docs portal.

Rather than having to fill out the same KYC and AML forms over and over when transacting with other financial companies, users simply have to maintain one up-to-date profile, which is then shareable with anyone in the Blockpass ecosystem for instant onboarding, saving users from repeatedly re-doing and re-submitting the same forms, and saving companies the hassle of checking KYC and waiting on checks.

Find out more

“Due to emerging technologies, Blockpass is not only able to offer a user-centric solution, but a faster, cheaper and more efficient one as well.”