We’re delighted to have been selected to join a virtual roadshow to the US: DIT’s RegTech Roadshow.

We will be joined by innovative regulatory technology companies such as: Acin AMPLYFI, AutoRek, ComplyAdvantage, Finreg-E, FNA, Solidatus, Suade Labs, and TAINA Technology Limited.

This roadshow will provide this group of leading UK RegTechs with the opportunity to meet directly with US corporate innovation and compliance teams, receive guidance and training from DIT partners on how to set up and grow a physical presence, and hear from industry experts including regulators about the key challenges facing the US market and how their technology can help solve them.

If you would like to get in touch, please reach out to Kieran Buchanan or Matt Flenley who will introduce you to our US-based case studies within the Financial Services sector and help you understand where Datactics brings value.

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Datactics is a part of the cohort of companies joining the DIT Virtual RegTech themed roadshow this week.

The DIT’s RegTech Roadshow takes place virtually with the aim of providing ten innovative UK-based RegTech companies with the opportunity to meet industry stakeholders, regulators and potential partners. 

Datactics will be visiting New York virtually alongside Acin AMPLYFI, AutoRek, ComplyAdvantage, Finreg-E, FNA, Solidatus, Suade Labs, and TAINA Technology Limited. The delegation this year is one of the most diverse ever, with representation from every region across the UK, including three female-founded companies! On top of this, the delegation has serviced nearly every Tier 1-2 financial institution and raised a staggering $100 million in funding combined. Finally, each of the 10 companies offers a unique solution built to help firms conduct their business safer, easier, and more equitably.  

We thought we would sit down with Kieran Buchanan, Business Development Executive at Datactics, to find out more about the roadshow and why Datactics is delighted to be involved. 

This event being a US RegTech roadshow will have US-based industry stakeholders, regulators and potential partners – this is a market Datactics is keen to establish themselves even further in, isn’t it? 

It is most certainly; I have seen some large banking organisations have a presence at this roadshow so it’s our prerogative to introduce our services as we already have some use cases in the US market. This will allow them to know what we provide in the space of data quality and the data management infrastructure as a whole. US is a significant market bursting with opportunities to invest time and effort into. 

What conversations do you hope to have with the industry stakeholders, regulators, and potential partners? 

There are a lot of innovation-based attendees so I think there will be a natural introduction to who Datactics is and how we can bring value. We’re particularly looking forward to demonstrate how our solution will help organisations that are keen to develop a good data quality culture. Our Self-Service Data Quality (SSDQ) platform will be fantastic for those organisations that want to get ahead of the curve by ensuring they have the proper building blocks in place when it comes to the quality of their valuable data assets.

Throughout the week, what would be the best way for attendees to get in touch with you? 

I have a meeting set up on the platform, Meetaway, so I’ll be contactable via video call using that platform. My profile is on there, fully populated! You can also get in touch with me via email: kieran.buchanan@datactics.com and of course, via LinkedIn.  

There are some great panel talks happening this week! Are there any talks you are keen to go to? 

There’s a talk on the topic of the future of financial services, Regtech and Compliance which I am keen to attend. Another interesting talk would be ‘How US regulators are adapting to new technologies‘ as it reflects the work we do with SSDQ. We are currently helping business users at financial services organisations get their data right for a wide range of regulatory reports, whether that be BCBS 239 or MiFID II, or country-specific deposit guarantee scheme reporting.

If you are attending the event, feel free to reach out Kieran at any time, via email, LinkedIn or Meetaway.

The post Meet Datactics at the DIT New York RegTech Roadshow! appeared first on Datactics.

Belfast-based Regtech company Datactics, a leading data quality software provider to global financial services firms, has been selected by the UK Government’s Department for International Trade (DIT) to showcase the best in British innovation during a US roadshow.

The DIT’s RegTech Roadshow takes place virtually 22-26 February 2021.

It will provide ten innovative UK-based regulatory technology companies with the opportunity to meet industry stakeholders, regulators and potential partners. They will also receive guidance and training from DIT partners on how to set up and grow a physical presence and hear from experts on the key challenges facing the US market and how their technology can help solve them.

Datactics was selected following a highly competitive recruitment process. To qualify for the roadshow, each company had to meet the following criteria set by DIT: 10 or more employees, a minimum annual turnover of £1 million, an enterprise-ready solution, and an existing base of clients in the UK and US markets. The companies selected have all achieved great success both domestically and globally, cultivating a strong international client base and achieving a reputation of excellence in helping revolutionize the way the financial services industry manage risk, compliance, and regulatory change. The cohort represents diversity and female leadership within the UK industry, with each firm offering a unique and innovative solution that is revolutionizing regulation compliance and all the companies combined service nearly every Tier 1 and Tier 2 financial institution.

Kunal Khatri, Director for DIT North America, said:

The UK has been at the heart of the global financial services innovation for decades, and in 2021 we will continue to lead the global FinTech and RegTech revolution. We’re excited to showcase the talent and expertise that UK companies have to offer. This roadshow is a great opportunity to deepen our bilateral engagement on financial services with the US and encourage private sector collaboration to make the world a safer, easier, and more equitable place to do business.

Commenting on the selection, Stuart Harvey, Datactics CEO, said:

This is a great opportunity for Datactics to showcase our best-in-breed data quality and matching solutions to the US financial market. We have proven success in the UK and Europe and already work with clients in the US. We are looking forward to helping financial institutions transform their data-driven business, manage risk and regulatory compliance.

The UK leads in the field of regulatory innovation thanks to its high concentration of financial services firms and the institution of the Financial Conduct Authority’s regulatory sandbox. British RegTechs are well-positioned to add value and help revolutionise the way US companies approach compliance.

In addition to the 10 companies, DIT is excited to welcome media partners and advisers who helped to develop the program, including the A-Team Group’s RegTech Insights, and the COMPLY Conference, host of one of the largest RegTech industry events in the US.

For other news and awards about Datactics please read this page. Alternatively, you can contact us by clicking here.

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COMPLY brings together Local, Federal and International Regulators, Compliance Leaders, Marketing Executives, Legal Experts, Leading Consultants, RegTech and FinTech Innovators, Operations Professionals, RegTech and FinTech Investors from around the globe for groundbreaking learnings and connections.

An event for anyone interested in best practices in compliance, regulations, consumer protection, register your details here and the agenda will be released soon. It’s free and qualifies for CRCM or CCB credits too!

The post Comply Virtual Summit | 20/05 appeared first on Datactics.

COMPLY brings together Local, Federal and International Regulators, Compliance Leaders, Marketing Executives, Legal Experts, Leading Consultants, RegTech and FinTech Innovators, Operations Professionals, RegTech and FinTech Investors from around the globe for groundbreaking learnings and connections.

An event for anyone interested in best practices in compliance, regulations, consumer protection, register your details here and the agenda will be released soon. It’s free and qualifies for CRCM or CCB credits too!

The post Comply Virtual Summit | 25/03 appeared first on Datactics.

COMPLY brings together Local, Federal and International Regulators, Compliance Leaders, Marketing Executives, Legal Experts, Leading Consultants, RegTech and FinTech Innovators, Operations Professionals, RegTech and FinTech Investors from around the globe for groundbreaking learnings and connections.

An event for anyone interested in best practices in compliance, regulations, consumer protection, check out the agenda and register your details here. It’s free and qualifies for CRCM or CCB credits too!

The post Comply Virtual Summit | 04/02 appeared first on Datactics.

We’re delighted to announce that we’ve been featured in the RegTech 100 for the first time. This comes on the back of some exciting work in AI-enabled data quality for KYC and AML and award-winning implementations in regulatory compliance in both the UK and mainland Europe.

Matt Flenley heads up Marketing at Datactics.

This is great news, because the firms we see listed alongside us are all involved in pretty cutting-edge projects which all help to make the financial industry more transparent and protect consumers and markets. It’s extremely rewarding to achieve the status of being recognised as innovators in this sector, by designing solutions that put regulatory technology in the hands of business, risk and compliance specialists. Thanks to all at RegTech Analyst and Fintech Global for their work in compiling the list from all the applications.

About the RegTech 100

The 2021 RegTech100 is launched today by specialist research firm RegTech Analyst.

The prestigious list recognizes the world’s most innovative technology solution providers that address the challenges of dealing with regulatory pressures within financial services.

The RegTech (regulatory technology) industry has experienced huge growth in the last few years as banks and financial institutions grapple with the unrelenting pace of regulatory change across all jurisdictions. Over $5bn has been invested in RegTech companies so far in 2020, according to data published by RegTech Analyst, as the compliance challenges have only been exacerbated by the shift to remote work during Covid-19.

As a result, this year’s process to identify the 100 RegTech innovation leaders was more competitive than ever. A panel of analysts and industry experts voted from a longlist of over 1,000 companies produced by RegTech Analyst. Sixty-two new companies entered the RegTech100 for 2021 and the finalists were recognized for their innovative use of technology to solve a significant industry problem, or to generate efficiency improvements across the compliance function.

RegTech Analyst director of research Mariyan Dimitrov said, “Banks and other financial institutions need to be aware of the latest RegTech innovation in the market in order to avoid new compliance risks and stay competitive despite new regulations around customer onboarding and remote communication post Covid-19. The RegTech100 list helps senior management filter through all the vendors in the market by highlighting the leading companies in sectors such as identity verification, risk management, communications monitoring, information security and reporting.”

A full list of the RegTech100 can be found at www.RegTech100.com. More detailed information about the companies is available to download for free on the website.

About Datactics

Datactics specialises in self-service data quality and matching software designed for non-technical business users in financial services firms. The platform helps to eliminate roadblocks common in data management where firms are overly reliant on IT to interpret and hard-code rules into core systems.  

Solutions ensure compliance with data-driven financial regulations; deliver a true “single customer view”; and increase the accuracy, and reduce the cost, of AML & KYC functions.   

For more information go to www.datactics.com or get in touch with the team today.

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We are delighted to announce that we will be exhibiting at Digital Finance Summit 2020. The 1-day event is back again this year to set the path for a bright and more dynamic future at the heart of Europe. The highly renowned conference year on year focuses on the ever-changing and increasing digitalisation of the financial industry.   

The conference is the crossroads between Tech Talent, RegTech, Cloud Computing, Big Data, Blockchain, Crypto-Assets, Artificial Intelligence, Crowdfunding, CyberSecurity, and Banking. Year on year the event gathers global forward-thinking innovators that are seeking to get inspired by a unique blend of industry leaders.   

This year is different from any other with the restrictions that are upon us. As a result of the restrictions, the event is being hosted online. This may be the 5th year but FinTech Belgium is preparing a creative program that will be spread over 3 stages with keynotes, workshops, and the European FinTech Pitch Battle. Come to the conference expecting the most qualitative networking in Digital Finance in Belgium!  

We are looking forward to exhibiting!  

You can register for the Digital Finance Summit here and check the website for more information.  

Find us on Linkedin, Twitter, or Facebook for the latest news or click here to contact us.  

The post Digital Finance Summit 2020 | 24/11/20 appeared first on Datactics.

We took part in this year’s Global RegTech Summit, hosted by  RegTech Analyst and FinTech Global.

This year’s event is bringing valuable presentations to the table with the calibre of the speakers and the presenters.

Bad data can’t wait for IT. Business demands on data are increasing and traditional tools and processes can’t keep up.

Datactics Self-Service Data Quality platform empowers business users to self-serve for high-quality data, saving time, reducing costs and increasing profitability.

At the Global Regtech Summit, you can learn about the latest innovations in regulatory technology from the comfort of your home. Hear debates and presentations from RegTech leaders and innovators leading the shift to digital.
Understand how the compliance and risk management industries are responding to the challenges caused by the pandemic
Find out how to deal with the regulatory challenges caused by remote communication. At the Global Regtech Summit, you can see the latest innovation in customer onboarding and communications monitoring. Identify new commercial opportunities for your organisation

Network with over 1,500 execs from financial institutions, entrepreneurs and investors. Engage with senior-level leaders working in innovation, compliance, risk management, technology, digital and customer experience. Join an international gathering without breaking social distancing rules. Ask your questions via interactive Q&As, polls and chats during all sessions. Arrange video and conference meetings via our interactive event app available for 30 days after the event

For more details about the Summit, click here.

Click here for the latest news from Datactics, or find us on Linkedin, Twitter or Facebook

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From the moment the panellists began introducing themselves, I knew it was going to be pretty wide-ranging. Patrick Boscher is ex-Allianz Group, now RegTech advisor and Startup Angel; Sophia Bantanidis is a former regulator, now leading RegTech & Fintech innovation at Citi’s Innovation Lab; Kayvan Alikhani of Compliance.ai, a technologist who’s worked with hundreds of compliance officers; and then, of course, me – now at a Fintech/RegTech, but formerly in a bank and dealing with the sorts of problems that technology is rapidly solving.  

A-Team Group usually gets a good panel together, full of opinions from across the sphere of a debate, and this was no different. 

Sophia Bantanidis’s views reflected the need of a massive financial organisation to have regtech companies think big – how can my solution be deployed at an enterprise level to solve multiple problems around regulatory requirements and risk management for thousands of people, in hundreds of different countries? – and the counterpoint RegTech adoption view from Kayvan Alikhani was that banks should think in terms of specific problems they have right now that must be solved, even on a small scale. 

Fundamentally, the most important thing emerging was that both sides – all sides, including investors – have a strong desire to make it work and improve their regulatory processes with the help of RegTech. 

Innovation centres at banks are a superb way of getting a foot-in-the-door, and as Ms. Bantanidis said – they can act as a sponsor throughout the organization, a champion for the firm to gain a foothold and start to grow.  

This willingness to support innovative tech firms flourishing in organisations is something the independent commentator Chris Skinner expanded upon in a session last year held by the FS Club on digitisation (and the focus of his most recent book); he asserted that much of the evolution necessary to fully benefit from the opportunities that RegTech promises in mitigating against financial crime and improving the financial services industry requires a change in mindset within banking and finance, to become data-and-digital-first – and not simply parrot those statements without changing the underlying structure of banking and financial regulations. 

Now, it would be too easy – not to mention wrong – for me to suggest that all we need for a banking and finance revolution is for the banks to evolve culturally! 

Like partners in a relationship where perhaps different views on a point are held, we need a willingness to work things out together and some intelligent mediation along the way. The webinar’s conclusion really hit home on this, with some sage points of advice and compromise:

• RegTechs shouldn’t over-inflate their involvement with a financial institution, because they’ll figure out that the contract with a big bank that’s on the sales deck was actually just a one-off piece of work which didn’t go anywhere;

• Banks mustn’t just put RegTechs into the same IT procurement process as used for giant blue-chip tech firms; there’s a need to be creative and flexible, as difficult as that might sound for banks (and I do genuinely understand!)

• RegTechs should tell the innovation department at a bank if they’re already working on a project elsewhere in the organisation to avoid miscommunication – something Ms. Bantanidis was really very clear about

• Lastly, banks should view a paid project with a RegTech – at the very worst – as a valuable way of “failing fast.” It might be a big cultural shock to think this way, but the saying is true: if we always do what we’ve always done, we’ll always get what we’ve always got. And in 2020, with no let-up in regulatory reporting scrutiny and COVID-19 pressuring margins, it’s clear that backing the right RegTech adoption could turbocharge compliance while delivering better efficiencies. Regulatory technology offers the opportunity to compliment compliance teams and make their regulatory obligations easier to deliver.

Next up for Datactics on the webinar front, we’ve Head of Sales Kieran Seaward in a Wealth Management special on “Future Proof Operating Models”, followed a week later by Head of AI, Dr Fiona Browne, exploring uses of AI in AML & Know Your Customer. I’ll share details of these in my LinkedIn feed, or follow the company one here. 

Click here for the latest news from Datactics, or find us on Linkedin, Twitter or Facebook

The post How to overcome barriers to RegTech adoption appeared first on Datactics.

In previous years, the official app has contained a feature to help friends, family and supporters locate their chosen runner by name or vest number, and so track their progress at every stage of their torturous journey of 26.2 miles.

It’s said that many runners hit “the wall” at around 22 miles, so very often loved ones wait at that marker to help spur them on to the finish a little over four miles away. But imagine for a moment that there are no distance markers, no Fitbits, and no stopwatches. Over 38,000 runners crowding the starting line, with no way of knowing critical data dimensions such as where they are, the pace at which they’re running, or how long it will take to finish.

It seems absurd to think that anyone would choose that way of running such a race, yet this is the decision being made by any retail bank not currently using metrics to measure its customer and financial data quality. Understanding the condition, accuracy, quality and maturity of datasets across the vast array of products and service channels is impossible if these elements aren’t actually being measured. 

At this point, retail banks can quite rightly indicate four major issues confronting them that are very often seen as preventers of that holy grail of data management: a timely, accurate and complete single view of a personal banking customer.

1. Size and scale

For starters, the amount of general public data to be measured is usually vast. One data record for a personal current account customer might include first name, middle name, last name, current address (five lines), previous address (another five lines), phone number, mobile number, email, employer and their address (five more lines), National Insurance number, date of birth, dependants, spouse… and that’s before their transactional data, banking IDs, credit card accounts and so on are included! The opportunities for data quality issues to exist are tremendous. 

2. IT infrastructure

Further complicating matters, many retail banks operate systems which are decades old and highly immovable¹. New products and services demand features old systems can’t deliver; mergers and acquisitions bring in whole new datasets, and separate systems in silos rarely categorise data in the exact same way. Yet the IT department is frequently held responsible for owning data quality, without specialist knowledge of what the data is, what it seeks to represent and what purposes the bank has for it². They have no authority or budget to change or improve it, so even when they do report on it, it’s usually only able to say that the data is deteriorating.

3. Operational processes

Single view of customer is fine in theory, but continually compromised in reality: even if a customer’s data is fine today and entered into the best system money can buy, if it’s not being measured and referenced regularly there’s no way of telling if it’s better or worse than any of the rest of the data in the warehouse.

4. Regulation and the marketplace

On top of that, ‘big data’ remains big news and subject to never-ending scrutiny. Since the financial crisis, the importance of measuring data quality has swung from a nice-to-do to a must-do, with key dependencies increasingly assigned to compliance and risk functions. In retail banking, teams managing risk and compliance have seen their numbers increase by thousands of percent³ as they are increasingly regulated by the Financial Conduct Authority and Prudential Regulation Authority.  

This is in stark contrast with the 3,303 bank branches closed in the UK in the past five years⁴, whilst challenger banks start to pursue the opposite strategy⁵. Put simply, if getting on top of big data is seen as too big and broad a problem, investment in data quality solutions quickly becomes a major, centralised IT infrastructure purchase with a correspondingly hefty price tag attached – and this multi-million, multi-year outlay makes it much harder to justify getting it done at all.

5. Getting tactical

This is where targeted, tactical data quality metrics can provide genuine and demonstrable insight. Quick wins that utilise industry-standard definitions of data quality (such as the Enterprise Data Management’s Data Management Capability Assessment Model⁶, DCAM) work alongside enterprise data management routines to solve specific data problems, meet changing regulations and free up resources to help the bank develop market-leading customer propositions.

Instead of being hamstrung by an unwieldy data warehouse, implementing data quality metrics that visualise critical quality dimensions such as conformity, completeness, and integrity of datasets can not only enhance compliance with regulatory obligations, but also yield an accurate picture of the current landscape and its progression over time.

It moves the needle from simply understanding whether a data element is right or wrong, to intelligent analysis of how right or wrong it is, and whether its quality is improving or decreasing.  Insights like these are critical for commercial banks (as well as other financial services such as investment banks and wealth management) to identify poor data quality and also to solve real world problems. 

Thanks to ongoing data measurement, our marathon runners know where they are, how far they have to go, and how long it’s taken them. They know how they stack up against their competitors, updated to the second through constant data analysis and review. Being just as diligent, and demanding detailed metrics on the condition of vital datasets may seem daunting when it comes to retail banking data, but it has to be the cornerstone of any rigorous approach to data quality management.

This blog is Part 1 of a series looking at how data quality in consumer banking can be reviewed, monitored and remediated. Next part will cover how banks can utilise their SME knowledge to adopt a self-service approach to data quality improvement.

Click here for the latest news from Datactics, or find us on Linkedin, Twitter or Facebook

The post What is driving the need for Data Quality Metrics in Retail Banking? appeared first on Datactics.

With the EU’s fifth Anti-Money Laundering directive (5AMLD) having gone live on the 10^th January, Matt Flenley took some time with Alex Brown, CTO at Datactics, to find out what implications there are when it comes to data quality.

Firstly, what do you think are the biggest impacts for firms?

Naturally we’re going to focus on where data quality is concerned, and from that perspective the biggest challenge is about ultimate beneficial owners, or UBOs. Being able to stand over the accuracy of information a firm holds on those who have significant control of a company, trust or other legal entity is a massive challenge in itself; you’ve any one of input error, out of date information, or intentional misleading by bad actors – or a combination of all three – that could lead to significant variances between what a firm thinks is accurate, and what the truth really is. It really undermines a firm’s capacity to combat money laundering and comply with all associated regulations.

I read that member states must have beneficial ownership registers. Can’t regulated firms just check their records against what’s held there?

Yes, member states will be expected to have beneficial ownership registers that are publicly searchable, and that they’ll hold adequate, accurate and current information on corporate and other legal entities such as trusts and so on. However, while some countries already have these in place, they can’t be seen as the golden source of accuracy and truth, as the UK Companies House explains here, “The fact that the information has been placed on the public record should not be taken to indicate that Companies House has verified or validated it in any way.” Clearly, there’s a significant imperative for data quality validation and verification in central records, and it won’t be enough just to compare what you have against what the Companies House record says.

What sort of approaches are you seeing firms taking to meet the data quality requirements of 5AMLD, and fight money laundering?

The options usually taken are to outsource, build or buy. Outsourcing due diligence activities to third parties definitely feels like the quickest fix especially when a new regulation comes along; then it’s just down to managing SLAs between parties, but ultimately there’s a risk that on its own it can be sticking plaster that doesn’t do anything about the quality of the underlying data held by the firm. Lots of the activities that outsource partners will need to do will be manual lookups of entity information and cross-referencing against multiple sources of data to determine the truth; it can be accurate, but it’s extremely time-consuming and costly as a result.

Building the technology stack is favoured by tech-heavy leaders who have invested significantly in their own IT capabilities. That approach can yield the data quality improvement needed but often the timescales needed to deliver all high-priority infrastructure projects simply won’t align with regulatory demands. Often this leaves teams relying on overtime to complete audit work manually via spreadsheets, and even with the best robotic processes to update data it can lead to a spiralling cost of compliance.

In the “Regtech” era, many providers offer parts of the compliance journey that can be bought off-the-shelf, though in reality this isn’t the normal pathway firms are taking. Whether that’s a cultural thing of simply needing to “get it done” or a reluctance to onboard more solutions, it can mean firms miss out on game-changing capabilities offered by Regtech startups and scaleups.

That’s true. At Fintech Connect I saw a demo of how ING Bank has developed a platform to “orchestrate” together a number of Regtech solution providers to help it with compliance. Do you see this as the way forward for 5AMLD?

It’s certainly one way of approaching it, though clearly ING has invested significantly in this platform. In the meantime, when it comes to getting the data right, we’ve already been asked to help firms resolve entity data duplication in their core systems and in those they have access to, including Companies House. Fuzzy matching is key to resolving these sorts of discrepancies and reduce manual workloads, and was central to the winning entry at last year’s FCA TechSprint. It’s something we’ve been working on in some pretty massive regulated datasets for well over fifteen years, so for us of course it’s good to see the industry being switched on to the possibilities. Elsewhere of course the FCA’s focus on preventing “phoenixing” is something that scalable, fuzzy match technology can really help in.

Where can people go to find out more about what Datactics does in this space?

Well, of course we’d be delighted to provide a demo, for which people can simply contact our sales team to set one up.

If you are looking at 5AMLD, then there’s a number of areas we can help with particularly: 

• Entity data quality – both measurement and remediation, ensuring your entity data is up to scratch; 
• Matching entities in disparate data silos with AI-powered human-in-the-loop entity resolution (for which we recently hosted a webinar).

We’ve also developed some publicly-available showcases of our software around matching for sanctions screening; it’s not 5AMLD reporting but clearly demonstrates how multiple records for sanctioned individuals can be mistyped, out of date or intentionally obscured – but can still be fuzzy-matched on metadata, with an accompanying confidence score.

Additionally, our LEI Match Engine does a similar job for entities, fuzzy-matching to the Global Legal Entity Identifier Foundation’s list of Legal Entity Identifier information. Both are free to use.

The post 5AMLD & Data Quality: new regulation, same problems? appeared first on Datactics.

Following a major expansion, we are pleased to announce that we have ranked at number 30 in the Deloitte Technology Fast 50, a ranking of the a ranking of the 50 fastest growing technology companies in Ireland. Rankings are based on average percentage revenue growth over four years.

The Deloitte Technology Fast 50 Awards is one of Ireland’s foremost technology award programmes.

This year marks 20 years of the programme celebrating innovation and entrepreneurship in Ireland’s indigenous technology sector.

Commenting on the company’s achievement, Stuart Harvey, Datactics CEO, said,

“This is a great tribute to everyone’s hard work at Datactics. We are delighted that our approach to self-service data quality solutions to day-to-day problems in banking and finance has been reflected in the company’s growth over the past four years, and led to being recognised as one of the fastest-growing technology companies in Ireland. We would especially like to thank our clients and partners for their willingness to engage and support us in our journey”.

Datactics specialises in class-leading, self-service data quality and matching software to ensure compliance with financial regulation, eliminate roadblocks in data management, and add value to enterprise data.

Datactics is one of 13 firms from Northern Ireland ranked in the top 50 by Deloitte.

Cumulatively, the 2019 Fast 50 winners generated approximately €3.6 billion in total annual revenues in 2018.

The average revenue of companies featured in the ranking was approximately €70 million, while the average growth rate of the companies over the last four years was 347%.

There are 18 new companies listed on the ranking.

Announcing the winners of the Deloitte Technology Fast 50 programme, Peter Allen, Partner, Deloitte, said:

“Since 2000, the awards have showcased an innovative and diverse range of technology companies, and this year is no different. Over this time, we have seen local technology companies capitalise on the opportunities presented by global changes. We’re delighted to be supporting these companies and recognising them with these awards. Over the last 20 years, the Fast 50 has become the benchmark of success for Irish tech companies.”

The Deloitte Technology Fast 50 Awards took place in Dublin on 25 October 2019. Keynote speaker on the night was Mark Casey, Global Leader of Telecoms, Media & Entertainment at Deloitte.

Click here for the latest news from Datactics, or find us on Linkedin, Twitter or Facebook

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Datactics is delighted to announce that is the winner of the 2019 Bobsguide Award for ‘Best Regulatory Reporting implementation’ with its partner Danske Bank.

The Bobsguide awards have been assessed based on the strength of tech updates, the overall impact on the client experience, and how much the systems stand out in the marketplace. To decide on the winners, several rounds of assessment were carried out by the judging panel including user and market engagement.

This year’s awards were highly competitive with a substantial volume of nominations coming through for each category. Congratulations to all the companies nominated and the fellow winners.

It’s a great achievement to have won this award, as Bobsguide seeks to showcase the best of the various streams of the FinTech market and to celebrate the successful partnerships within the industry.

Commenting on the how the regulatory implementation unfolded, Marion Rybnikar, Head of Data at Danske Bank, said:

Stuart Harvey, CEO at Datactics, commented on the partnership:

We are delighted to have this partnership with Danske Bank recognised at Bobsguide awards. Our Self-Service Data Quality software tool has been specifically designed to help financial organisations to ensure their business is able to meet existing regulations such as FSCS, as well as future ones.

We know from our existing customers that it enables them to build deeper insights through the use of optimised data and clear, fine-level graphic dashboards employing the Enterprise Data Management Council’s DCAM standard for data quality dimensions, such as completeness, accuracy, timeliness and duplication.

This award is a clear demonstration of the value and efficiency of what our powerful data solutions can bring to financial institutions, reducing the risk of financial penalties to banks by enabling compliance across the spectrum of regulation, from FSCS and Section 17 to MiFID II, BCBS 239 and beyond.

A full list of the winners in the various categories can be found here. For more information about Bobsguide, click here.

For more details on the regulatory implementation, you can visit this page, read the Data Management Insight interview with Stuart and Marion or read the story behind the deal at FinTech Futures. You can also find out how this partnership is benefiting Danske’s customer experiences via this Sync NI story.

Click here for more from Datactics, or find us on Linkedin, Twitter or Facebook for the latest news.

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Where in the world?

We start off this week with Kieran Seaward and Luca Rovesti attending the BBVA Open Summit in Casino de Madrid. They’ll have time at the Exhibition Zone on Wednesday 17th October, so make sure you drop them a line if you want to meet us at the event.

Next will be the series Enterprise Data Management Council’s Member Briefings where we’ll lift the lid on some work we’ve been doing with major banks in the area of automating data quality as-a-service. These events are:
– Fishmongers’ Hall, London, UK, 30th October
– EY Tower, Toronto, Canada, 14th November
– NYC Seminar & Conference Center, New York City, USA, 15th November.

But that’s not the only place you can see us in NYC!

On the 15th you can also find Kieran downtown in the Financial District for the A-Team’s RegTech Summit.

Then as November draws to a close, we’ll be hosting our Guest Summit on the afternoon of Monday 26th, with nibbles and drinks, in the City of London. Drop us a line to get your exclusive invitation!

Finally, on the 27th & 28th we’re present at FIMA for its flagship European event. We’re more than happy to meet up on the day, but if you want to meet us for some specific time please drop Kieran Buchanan a line to schedule it up.

Customised for customers

We look forward to catching up with you – either to update you on our tech developments, or perhaps to meet for the first time on a data quality and/or matching issue you might have. If it doesn’t suit you to attend an event, or the dates don’t quite work, we’ll be around the cities on the list for a few days before or after so feel free to have your own, custom, Datactics meet-up! Just let us know when suits.

Click here for the latest news from Datactics, or find us on Linkedin, Twitter or Facebook

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From left: Allen Martin, Partner Kernel Capital; Stuart Harvey, CEO Datactics; Mick Foster, COO Datactics; William McCulla, Director Corporate Finance Invest NI & Gavin Kennedy, Head of Business Banking NI Bank of Ireland UK.

Belfast, Northern Ireland, 21^st June 2018

Kernel Capital are pleased to confirm that it has led an investment into Datactics Limited, a Belfast-based provider of RegTech solutions for the banking and financial services sector. Full details of the investment round, which includes investment from the Bank of Ireland Kernel Capital Growth Fund (NI), have not been disclosed.

Datactics has developed a suite of software products which profile, cleanse, score and match information for data quality and regulatory compliance. Over the last 12 months, Datactics has doubled their revenue and added a number of global financial institutions to its customer base including the Bank of Ireland and Danske Bank.

RegTech is a rapidly growing market. With new regulations and compliance requirements driving change it is expected to grow to $118Bn by 2020. Moreover in recent years, governments and regulators worldwide have introduced a series of tight regulations with stringent penalties for non-compliance, resulting in banks paying over $300Bn in regulatory fines since the 2008 financial crisis.

“Banks understand that compliance is only as good as the data that it’s built on, placing an urgent need on fast, reliable and accurate data. Datactics sits directly in this space, providing our clients with continuous and measurable improvements to their data. We are delighted to have received this round of funding from the Bank of Ireland Kernel Capital Growth Fund (NI), which will allow us to accelerate our growth into the global financial sector, expand our team and invest further in R&D.”

Stuart Harvey, CEO Datactics.

 “Datactics, led by Stuart Harvey (CEO), has a strong and experienced team with a diverse skill set, sectorial knowledge and strong networks within the global financial sector. The Bank of Ireland Kernel Capital Growth Fund (NI) is pleased to support another innovative, export focused NI company, with the potential to become a global leader in the RegTech space.”

Allen Martin, Partner Kernel Capital.

 “Datactics is an ambitious local company with an excellent reputation and a highly innovative product. I am delighted that the company has availed of the Bank of Ireland Kernel Capital Growth Fund (NI) to access the finance it needs to scale more quickly. Over the last number of years, Invest NI has also offered Datactics a range of support including R&D and marketing support to help it take its predictive analytics platform to the next stage of development. All of this support is helping Datactics to further its growth aspirations and achieve business success.”

William McCulla, Invest NI’s Director of Corporate Finance.

 “We are delighted to see this investment in Datactics, a fantastic RegTech company with a strong team, skills, experience and a software solution supporting organisations in mining, refining and applying the right quality datasets required to adapt to new regulation and standards. This is another great step forward in enabling them to achieve their growth potential in the global financial services sector.”

Gavin Kennedy, Head of Business Banking NI Bank of Ireland UK.

The Bank of Ireland Kernel Capital Growth Fund (NI) was designed to help SMEs in Northern Ireland to accelerate their growth. Invest Northern Ireland has committed £15 million of funding to this fund which is part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020.

 Invest NI’s R&D support is part funded by ERDF under the EU Investment for Growth and Jobs Programme 2014-2020.

Additional Notes:

 About Datactics https://www.datactics.com/

Datactics has a strong background in market-leading data quality software, tackling common issues in banks largely arising from their reliance on multiple IT systems of varying ages, and the need to make their data compliant with emerging financial regulations. Its suite of high-performance fuzzy-matching tools help firms in a wide array of critical business activities, from regulatory reporting and Anti-Money Laundering to business intelligence.

About Kernel Capital www.kernel-capital.com

Kernel Capital is an independent manager of the Bank of Ireland Kernel Capital Venture Funds, comprising of £165m / €210m of funds raised through six separate venture capital funds in the years 2002, 2006, 2007, 2009, 2013 and 2015. These Funds are supported by Bank of Ireland, Invest NI, Enterprise Ireland, University of Limerick Foundation, NUI Galway Foundation and New York State Common Retirement Fund. Kernel Capital is actively investing through the Bank of Ireland Kernel Capital Growth Funds targeting deal size for Kernel Capital’s element in the region £0.5m to £2m in NI and of €1m to €5m in the ROI, either as sole investor or larger deal size in syndication. These 10 year Growth Funds were raised in 2013 and 2015 and invest in Northern Ireland and the Republic of Ireland respectively. Invest NI’s investment in the Bank of Ireland Kernel Capital Growth Fund is part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020. Kernel Capital is a MiFID regulated firm.

For further information please contact Helen Norris, Kernel Capital +44 28 9042 8367

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Arion Bank, one of Iceland’s three large banks and the country’s leading digital bank, has chosen Datactics’ data quality solutions Self-Service Data Quality and Single Customer View in support of its cutting-edge enterprise data management programme.

Datactics won the deal after a thorough vendor selection process. This comprised a technically demanding and tightly-specified Proof of Concept exercise across three key departments, each depending on high quality data for business operations and regulatory reporting.

“The Datactics team impressed us with their commitment to the exercise and the high quality of their tools,” said Höskuldur Hlynsson, Data Officer at Arion.  “The integration with our systems and data sources, and capability to process large data sets, enables us to quickly identify data in breach of quality rules, including rules for BCBS 239”.

“In addition, Datactics demonstrated that they could match and standardise disparate datasets to support our AML processes. We are also excited about the potential to automate a number of manual tasks which would deliver efficiencies for our back-office teams.”

The new deal is further proof of growing momentum for Datactics in enterprise data quality for financial services firms. “The retail banking sector is highly-regulated and has constant demands on its data,” noted Stuart Harvey, Datactics CEO. “We’re seeing many of our clients in this sector provide us with evolving and developing requirements founded on data quality and remediation. Working with Arion has been a fantastic way to engage with a highly technical, highly capable team, and we’re really excited to have the opportunity to work with them.”

ABOUT ARION BANK

Arion Bank is a leading Icelandic bank offering universal financial services to companies, institutional investors and individuals. These services include corporate and retail banking, investment banking, capital markets services, asset management and comprehensive wealth management for private banking clients.

ABOUT DATACTICS

Datactics, based in Belfast, is a specialist vendor of data quality tools with particular expertise in the financial services industry, supporting banks and information vendors facing increasing challenges in regulation and compliance. The company offers agile data quality and powerful matching software for reference, entity and instrument data; the software is user-friendly and aimed at subject matter experts in local business teams for rapid delivery and easy integration.

Click here for the latest news from Datactics, or find us on Linkedin, Twitter or Facebook

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Belfast, Dublin, London, January 2018 – Following a highly successful Proof of Concept, Danske Bank UK has chosen Datactics’ award-winning data quality software tools to deliver enhancements to its single customer view processes for customers in Northern Ireland.

Note: We are delighted to add that this implementation won the Bobsguide Partnership Award for Best Regulatory Implementation in 2019.

The new deal sees Danske Bank implementing Datactics’ Self-Service Data Quality solution to provide greater assurance of compliance with FSCS requirements for accuracy of customer data, and better customer experiences through higher levels of data quality.

Self-Service Data Quality is a simple add-on to Danske Bank’s systems, running each night against a rule set extracted from the FSCS regulation to deliver actionable insights into the health of its customer data records and enables the Bank to cleanse records that are failing data quality rules.

Danske Bank, part of the Danske Bank Group, is one of the leading banks in Northern Ireland. Datactics is focused purely on data quality, especially within the financial services sector and particularly for the purpose of regulatory requirements, making this a logical move for both parties.

“Self-Service Data Quality is fast and easy to use, allowing us to properly cleanse and match our data to one single customer view ahead of submission to the FSCS,” says Marion Rybnikar, Danske’s Head of Data. “On top of this, its usability means our SMEs can now develop data quality rules themselves – extending the functionality to multiple regulatory requirements and broader data quality and governance applications – and automatically generate meaningful interactive reports in Tableau, our house reporting tool. It’s the quality and accuracy of these outputs that ensure we can save time, improve our data and enhance the efficiency of our processes.

“Through our partnership with Datactics, we are maintaining best practice, and improving our data records to aid customer care and retention.”

Stuart Harvey, Datactics CEO adds: “We are delighted to be embarking on a new relationship with Danske Bank. Our Self-Service Data Quality software tool has been specifically designed to help financial organisations to ensure their business is able to meet existing regulations such as FSCS, as well as future ones. We know from our existing customers that it enables them to build deeper insights through the use of optimised data and clear, fine-level graphic dashboards employing the Enterprise Data Management Council’s DCAM standard for data quality dimensions, such as completeness, accuracy, timeliness and duplication.

“This new deal with Danske Bank is a clear demonstration of the value and efficiency our powerful data solutions bring to financial institutions, reducing the risk of financial penalties to banks by enabling compliance across the spectrum of regulation, from FSCS and Section 17 to MiFID II, BCBS 239 and beyond.”

Click here to read Data Management Review’s interview with Stuart and Marion, here to see the story on Banking Technology’s site and more information on how this will benefit Danske’s customer experiences via this Sync NI story.

Click here for the latest news from Datactics, or find us on Linkedin, Twitter or Facebook

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