Griffin adopts Clausematch for its license application

This is a critical proof-point for the adoption of regtech software for the efficient approach to bank licensing for modern fintech companies. Clausematch has so far been helpful in enabling Griffin to manage this process. For the documents to be submitted to the PRA and FCA for licensing, they must be approved by management-level and board-level committees, which means policies are constantly being iterated on in response to comments from board members and executives.

The full application pack consists of over one hundred documents, including policies, terms of references, plans, procedures, and assessments. Some key documents, such as the company’s Regulatory Business Plan and its liquidity and capital assessments, are hundreds of pages long and require exceptional attention to detail. These documents require input from multiple authors and approvers across different areas of the business, including finance, risk, compliance, engineering, product, and commercial operations. Once the drafting stage is complete, all documents require at least two rounds of review and challenge, before final approval. 

Clausematch technology provided Griffin with a rigid and structured platform that minimised the formatting options available for the user. This ensured that Griffin employees were more organised from the beginning of the process. As the technology ensured a collective approach to editing documents, a granular perspective was provided, rather than a large amount of data to consume at once.

Griffin officially submitted their bank authorisation application on 12 May 2022, but the journey is not over. Griffin will continue to submit documentation and work with regulators to ensure the company is in the best position to serve its customers well when it becomes a fully regulated bank. The Clausematch platform will provide Griffin with the opportunity to establish a compliance infrastructure to ensure future documentation submissions are done with ease.