Finovate Fall 2024 in New York City saw Fizen™ unveil its groundbreaking compliance automation tool, “Verify.” Jared Knisley led the presentation, with Senior Web Developer Kyle Draving providing support. Their demo highlighted Verify’s potential to transform regulatory compliance for financial institutions.

A Decade of Experience Shapes RegTech Innovation

Fizen™ brings ten years of industry experience to the table. Over this time, they’ve implemented systems for more than 100 banks. As a result, they’ve developed Verify, a RegTech solution tailored to the complex compliance needs of financial institutions.

Verify: Streamlining Compliance Workflows

Verify stands out as a versatile compliance screening platform. It caters to both retail and commercial banking environments. Here are its key features:

1. Flexible Integration: Use Verify as a standalone tool or integrate it seamlessly with existing systems through its API.
2. Consolidated Compliance Tasks: The platform unifies various compliance functions. These include BSA/AML tasks, risk prevention, and other regulatory requirements.
3. Pre-integrated Data Sources: Verify comes ready with essential data sources. These cover OFAC checks, KYC processes, and negative news searches.
4. Embedded Reporting: Unlike many systems, Verify incorporates reporting capabilities throughout the platform.
5. Quick-view Summaries: Analysts can quickly assess client accounts using simple pass/fail checks across compliance areas.
6. Customizable Data Management: While Fizen doesn’t host data, banks can easily switch data sources if needed.
7. Workflow Integration: Verify interacts with various banking processes. It covers originations, funding, and contract maintenance. Moreover, “Verify events” enable regular portfolio reviews.

Prioritizing Security and Compliance

Fizen™ emphasizes data security. Both the company and Verify are SOC 2 Type 2 compliant. This certification showcases Fizen’s commitment to protecting customer data.

Looking Ahead

As regulations become more complex, tools like Verify grow increasingly important. They help financial institutions navigate compliance efficiently. Fizen™’s Finovate Fall 2024 demo presented a promising solution. It could significantly streamline compliance processes for banks and credit unions.

Want to learn more about Fizen™ and Verify? Visit fizentech.com for additional information.

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