FCA selects regtech company NorthRow for its regulatory sandbox

Wednesday 4 July 2018 10:44 CET | News

NorthRow, a Contego solutions business, has been selected to be part of the Financial Conduct Authority’s (FCA) Regulatory Sandbox.

As a result, NorthRow is enabled to test the use of regulated financial data in a controlled environment to strengthen existing KYC processes. The Sandbox allows companies to test innovative products, services or business models in a live market environment, while ensuring that appropriate protections are in place. It is a part of Innovate, an initiative launched in 2014 which is committed to encouraging innovation in the interest of consumers.

The FCA received 69 submissions for the fourth phase of the Regulatory Sandbox and 29 applications met the eligibility criteria and were accepted to develop towards testing.

The regtech and compliance specialist helps financial services organisations with their customer onboarding processes by automating Identity Verification (IDV), Anti-Money Laundering (AML) and Know Your Customer (KYC) services was chosen following a rigorous process to meet the FCA’s suitability criteria. Currently, NorthRow handles Open Banking’s verification processes for onboarding fintech companies and other financial organisations in the UK, European Union and the rest of the world.

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Keywords: NorthRow, regtech, FCA, regulatory sandbox, KYC, digital onboarding, UK, identity checks, API, Open Banking, compliance, customer expereince
Countries: World