Corlytics to acquire ING SparQ

Friday 27 January 2023 09:49 CET | News

UK-based regulatory risk intelligence firm Corlytics has acquired ING SparQ to design a regtech platform, focused on `monitoring to policy` services.

This deal aims to design a platform focused on providing companies and organisations with services and products that will enable them to face complex and developed regulatory challenges. 

Following this acquisition, Corlytics will be able to use the technology stack provided by SparQ to bring the possibility to identify new threats, regulations, or changes to its clients. This will help financial services companies to control and monitor their business while having oversight over the development of the industry. Also, this will allow them to ensure appropriate policies are in place. 

According to Corlytics officials, the new services and solutions provided by SparQ technologies will allow the company to close regulatory compliance while keeping the management of the obligations in a loop. This will be done by creating a unified platform that will automate and deliver compliance. 

Corlytics has been in a partnership with ING since 2018, providing the company with multiple services, such as Risk, Compliance, Finance, Legal, and Regulatory Affairs Departments products and solutions. Those services are provided to ING using the SparQ platform, having in mind the end-to-end process integration, global standardisation, and audit trailing. 

UK-based regulatory risk intelligence firm Corlytics has acquirement of ING SparQ to design a regtech platform, focused on `monitoring to policy` services.

Corlytics’ development strategy

Corlytics is a company that offers its clients assurance on the fast-moving and developed regulatory changes and demands, enabling businesses and firms the capability to focus on emerging and growing in the industry while being secure and client-focused. The team of Corlytics helps companies monitor, map, align, and assess the changes and challenges that might appear, and alerts relevant areas around the market. 

Clients of Corlytics have the possibility to plan their strategies while using the technologies provided by the company, prioritising compliance and monitoring their activities in real-time. Furthermore, the process of planning and keeping on an eye on the development in the industry enables the customers of Corlytics to determine the exposure to regulatory risks and threats. 

The company also announced the launch of its Crypto Tracker service in 2022, to provide regulations and regulatory updates and news related to crypto trading to their customers. The services offered by Corlytics were designed to provide financial markets and businesses with a single view of the crypto regulatory content while presenting merchants and trading customers with regulatory compliance solutions. 

The Crypto Tracker product aimed to offer the latest news regarding regulations in various fields, such as blockchain, cryptocurrency, Central Bank Digital Currencies (CBDC), fraud, anti-bribery and corruption (ABC), anti-money laundering (AML), as well as combating terrorism financing (CTF). 

By gathering all the latest information on regulation in one channel, the Crypto Tracker provided by Corlytics was designed to become a useful tool for financial institutions, offering them the possibility to comply with the latest rules and regulations, without worrying about missing important news or updates.

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Keywords: acquisition, digitalisation, online banking, risk management, compliance
Categories: Banking & Fintech
Companies: Corlytics, ING
Countries: United Kingdom
This article is part of category

Banking & Fintech




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