Barclays is launching a streamlined compliance and policy management Policy Portal, with long-time partner RegTech Clausematch, according to IBS Intelligence.
The partnership transforms Clausematch’s product, The Policy Hub, into a fully digitalized and centralized point of reference for all of Barclay’s policy and standards and introduces simplified workflows for handling compliance.
This development is significant due to the growing importance of compliance in financial sectors, with growing concern over consumer data and regulatory punishments growing in occurrence.
Barclays has supported Clausematch since selecting the company in its inaugural Barclays Accelerator program in 2014 and has since embedded Clausematch technology into its Compliance function.
This new Policy Portal will now be used to address company-wide governance problems in order to reduce compliance-based in order to realize cost savings, according to the release.
“Back in 2014, Clausematch was a smart and promising small company of just six people looking for the right product-market fit. We knew that their ideas chimed with Barclays’ digitization goals and that they’d be able to benefit from the experience and mentoring of our business teams,” Barclays UK Head of Digital Product Development said.
That previous work has laid the groundwork for the Policy Portal, one of Barclay’s first cloud-based technology implementations which is stated to save 25% in time and resources on creating, reviewing, approving and publishing policies, according to Finextra.
Founded in 2012, Clausematch has raised $9.3 million in funding through seven rounds. This includes a $2.5 million debt financing round led by Silicon Valley Bank in May 2019 and a non-equity assistance round for a non-disclosed amount by Lawtech Sandbox in late 2020.
In other recent fintech news, robo-advisors are finding a new calling in the SMB retirement sector following new legislation to promote post-retirement savings. Stripe also made its first acquisition in India, adding reconciliation services to its incoming and outgoing payment stack.