Exploring RegTech and the NPP
We often talk about the potential for innovators and disruptors to use the NPP to revolutionise customer experiences. And at the recent #ACCELERATERegTech2018 conference, the spotlight turned to the ‘RegTech’ industry and organisations that strive to solve compliance and fraud challenges through the use of technology.
At the conference, CEO of NPP Australia Adrian Lovney provided an overview of the NPP, how it works and the potential it presents for the deployment of new technology and capabilities to enhance and supplement current compliance processes, particularly in the areas of KYC, AML and cybersecurity.
Adrian also used the conference to unveil #COLLABNPP – an initiative developed by NPP Australia to enable RegTech organisations the chance to learn more about the NPP and engage with some of the participating financial institutions.
Deborah Young, General Manager and Advisory Committee member for the RegTech Association says the NPP presents significant opportunities for the RegTech sector.
“The RegTech Association strives to drive collaboration and create new opportunities for RegTechs, regulated entities and regulators. Supporting the launch of the #COLLABNPP initiative provides us with an ideal opportunity to extend the conversation to our member eco-system and get real engagement and show that #RegTech is open for business. The winners will be Australia’s financial system and Australian consumers.”
“Following the launch of the #COLLABNPP RegTech initiative at the recent #ACCELERATERegTech2018 event held in Sydney, the feedback from delegates was clear: collaboration and creating opportunities for RegTechs, Regulators and regulated entities to come together in solutions-mode is really key,” Deborah said.
Approximately 12 organisations registered for the program that involved an optional deep dive workshop and Q&A conference call, culminating with the opportunity to submit and pitch a proposal for a compliance related overlay service directly to NPP participating financial institutions.