maincubes, operator of high-availability secure data centers in Germany and the Netherlands, announces today the company’s new whitepaper titled, “Solving the Data Sovereignty Conundrum.” The whitepaper offers insights to the data privacy and sovereign state of data now that Privacy Shield is no longer relevant, allowing American companies to transfer data from the European Economic Area (EEA) to the US without violating the General Data Protection Regulation (GDPR), a European Union (EU) law on data protection and privacy in the EU.

Data Sovereignty, within the GDPR, is defined as a way to protect data privacy and security. This means that EU data originating in the EU must be stored within the EU where they are subject to EU privacy laws, or stored within a jurisdiction with comparable levels of protection. These regulations are both confusing and could cause problems for companies operating in both the EU and the US, as the US does not have the same data privacy regulations as  EU member states. Transferring data from the EU to the US could result in violations which come with steep penalty fees.

“By acknowledging the importance of data sovereignty, there is a sense of urgency in coming up with a possible solution to allow EU and US companies to transfer their data without violating the laws of the GDPR,” comments Antje Tauchmann, Head of Marketing of maincubes. “At maincubes, we offer our customers a flexible approach to data management, backed by service level commitments that give our customers full control over their data, enabling our customers to be compliant with EU regulations.”

With a flexible approach to customer data deployment backed by contracts, maincubes offers clients a hybrid cloud approach consisting of a multi-level access control system that gives customers the ability to create sophisticated cloud deployments. The maincubes solution allows american companies to keep european data in Europe while simultaneously complying with the data sovereignty laws and keeping their control and data management functions in place to continue being data-driven and agile.

“As more businesses look to expand capabilities in Europe, they should work with local providers to ensure the data center infrastructure and data regulations are in alignment with their key policies,” states Joris te Lintelo, Vice President of maincubes. “Our hybrid approach empowers companies to be in control of their GDPR compliance, while providing set principles and guidelines to enable them to do so."

maincubes understands the importance of finding a solution for the data sovereignty dilemma, and can ease the limitations of transferring data for companies located in the US and EU. With a hybrid cloud approach, maincubes’ solutions allow companies to stay compliant with data sovereignty without compromising agility and while enabling a data driven approach.

To read the whitepaper, please click here.

To further the adoption of digital payments in a safe and secure manner, the RBI has issued a framework for processing of e-mandates on recurring online transactions. It has made AFA (Additional Factor of Authentication) mandatory for all recurring transactions below INR 5000 on debit cards, credit cards, even UPI and other Prepaid Payment Instruments (PPIs). All stakeholders are required to ensure full compliance with the framework by September 30th, 2021. 

This RBI directive is applicable to all recurring payments which were earlier debited automatically from customers’ cards (credit/debit/prepaid) for mobile, utility, other recurring bills as well as subscription payments for different OTT streaming platforms. Razorpay believes this initiative by the RBI will bolster the safety and security of card transactions.

To help banks comply with the RBI directive and provide convenience to banks’ customers, Razorpay & Mastercard today partnered to launch MandateHQ, a new recurring payment interface, in accordance with RBI’s circular. Razorpay’s Mandate HQ is an API-based plug-n-play solution that reduces the go-live time for any card issuing bank that wishes to enable recurring payments for its customers. MandateHQ will also enable businesses, especially subscription-based businesses, to get access to a wider customer base, who use debit cards, as recurring payments were mostly supported via credit cards previously. Razorpay’s MandateHQ solution can be fully integrated with any Bank within 7 days, as opposed to other solutions which normally take a few weeks. 
In addition to its association with Mastercard, Razorpay has also partnered with the country's three leading banks and is in talks with over 20 banks to help integrate this technology into their existing payment infrastructure in the next few weeks. 
MandateHQ is a unified platform that will help banks with end-to-end mandate lifecycle management including creating, viewing, updating, cancelling, and pausing mandates and processing debits for valid mandates. In addition, the MandateHQ platform will also help Banks to:

1. Enable a 24-hour pre debit notification via Email, SMS & WhatsApp

2. Provide end-users with a portal to manage card mandates 

Shashank Kumar, Co-Founder & CTO, said, "With the launch of MandateHQ in collaboration with Mastercard, we stand in support of the RBI directive of making auto-debit transactions safer from potential fraud. While this has created a certain level of challenge for the ecosystem in how they will pay monthly bills post-September, we want to make it easier and faster for banks to implement the e-mandate framework issued by RBI and also ensure that businesses and end-consumers are not inconvenienced. I believe products like MandateHQ will now encourage more businesses to start and adopt subscription-based business models and I expect the subscription economy to scale upto 5-6x in the next year.” He added, “We've developed multiple products with Mastercard in the past and we are happy to launch MandateHQ with India’s leading banks and look forward to partnering with more in the next few weeks.”

Rajeev Kumar, Sr. Vice President, Market Development, South Asia, Mastercard said, “Mastercard constantly strives to make digital payments more convenient, safe, and secure. The launch of MandateHQ in partnership with Razorpay is yet another step in this direction. It will enable all the partner banks to seamlessly adapt the new framework for recurring payments via debit and credit cards, UPI and other prepaid payment instruments (PPIs), in compliance with RBI’s new mandate and ensure that bank customers can continue to enjoy hassle-free payments.”

One of Razorpay’s leading health-tech customers, Tushar Vashisht, Co-founder and CEO, HealthifyMe, expressed his views on the benefits of MandateHQ for subscription-led businesses, “In our digital economy, it's vital for consumers and businesses to have secure, reliable recurring payments as a choice to pay for their subscriptions. At HealthifyMe, we look forward to enabling that with Razorpay and are excited about what MandateHQ can deliver in the framework of new RBI guidelines. Hopefully, it will help India move a step closer to global payments standards.”

Over the last few months, industries almost everywhere have begun to adopt subscription business models. The new MandateHQ offering will help businesses across a variety of sectors such as Insurance, Utilities, Content, SaaS, Lending, Charitable donations, among others, to alter their payment models and introduce subscriptions, thereby delivering better value while sustaining revenue growth. 

India’s expenditure on digital media & entertainment subscriptions has doubled in the last 3 years. With the launch of UPI-Autopay in July last year, merchant demand for subscriptions has grown by 5 times in the last 6 months. This indicates a strong ever-growing demand from both businesses and cardholders for recurring payments.

Planixs, the leading provider of real-time, intraday cash, collateral and liquidity management solutions, today announced the launch of the Strategic Reporting Module as part of its Realiti® suite. The new module will open up Realiti’s comprehensive dataset to all customer queries, maximising the value of the strategic treasury data resource that accumulates in Realiti every minute of the day.

The Realiti solution allows financial organisations to consolidate millions of cashflows per hour, in real time, to ensure they have an accurate, up-to-date picture of cash balances across their settlement accounts, comparing projections to actual external balances, and are able to control liquidity requirements and usage in real time. The Strategic Reporting Module will sit alongside the existing rich set of real-time capabilities to enable customers to gain insight and run reports against the entire dataset of Realiti from the lowest level transactions to whole entity level aggregations. This capability will provide customers with the most advanced reporting capability in the market.

The Strategic Reporting Module will provide customers with significant flexibility to support their reporting needs. Customers will be able to combine existing reports provided within the Realiti module suite with user-specific reports built within the Strategic Reporting Module. Alternatively, customers can subscribe to Planixs’ Reporting as a Service (RaaS) capability which will satisfy all customer reporting needs through a subscription model.

Neville Roberts, Planixs CEO said, “Realiti’s real time capabilities are core to our market leading capabilities and provide a very rich set of data across the firm’s range of accounts. Opening up this entire dataset for customers to gather insight and report on will catapult the Realiti proposition into a different league when compared with any other Fintech in the Treasury and Operational/Risk space. Any question can now be asked of the data and the full power of AI and machine learning can be brought to bear by the customer directly or by Planixs acting on this data through a subscription model.”

Realiti continues to be the pioneering intraday cash, collateral and liquidity management solution with live implementations at global scale. Its SaaS or on premise delivery models and high performance and scalable architecture mean that Realiti can be deployed with minimal intrusion to a bank’s infrastructure, rapidly delivering business value.

Planixs was recently awarded the RegTech of the Year accolade in the US FinTech Awards 2021, which recognises the company as a leader in the US RegTech space and Realiti as the most innovative regulatory solution in the US market.
 

Acronis, the global leader in cyber protection, today appointed cloud software and hosting industry veteran Patrick Pulvermueller as Chief Executive Officer, effective as of 1^st July, 2021. Pulvermueller succeeds Serguei Beloussov, who founded the company in 2003 and has served as CEO since 2013. 

Pulvermueller joins Acronis from GoDaddy, where he most recently served as President of the Partner Business. In that role, he led the company’s strategic expansion of its Hosting, Productivity, and Security services through resellers and agency partners. Combining that experience with his product development expertise, Pulvermueller is an expert in developing successful, cloud-based go-to-market strategies, particularly through service providers, resale channels, and strategic alliances. He previously held executive leadership roles as CEO of Host Europe GmbH and Group CEO of Host Europe Group (HEG), where he previously served as Group COO.

“I am excited to join the Acronis team, engage with our tremendous partner network, and continue Serguei’s vision of providing industry-changing cyber protection services,” said Pulvermueller. “Acronis is poised to disrupt the data protection and cybersecurity markets while redefining how service providers leverage remote monitoring and management (RMM) and professional services automation (PSA) services. I look forward to contributing my knowledge and experience in the service provider business to ensure we take full advantage of that opportunity.”

Pulvermueller takes over at a pivotal time. Acronis just received over $250 million in an investment round including CVC Capital Partners VII and others, which values the company at more than $2.5 billion. In addition to accelerating its technology and product development, the company plans to leverage that investment to further enhance its go-to-market initiatives – an area in which Pulvermueller has deep expertise – by expanding its broad partner network, which includes managed service providers (MSPs), managed security service providers (MSSPs), hosting partners, cloud distributors, cloud aggregators, network service providers, and others.

Acronis Chairman of the Board of Directors, René Bonvanie, noted “Having added more than $1.5 billion in valuation during the past 18 months, Acronis is on a tremendous growth trajectory thanks to the cyber protection strategy put in motion by Serguei. Given Patrick’s demonstrated expertise in helping rapid growth companies scale and proven success in a channel-centric environment, we are confident he will accelerate Acronis’ success and prepare the company for the next stage.”

As Acronis’ founder and largest shareholder, Serguei Beloussov will continue to be involved in the company as a member of the Board of Directors and Acronis Chief Research Officer, directing the technology and research strategy. He will focus on the company’s advanced technologies, including Autonomous Research, Data Management, Cyber Network, Cyber Platform, and Enterprise products. He will also focus on developing Acronis’ university relations program, including with the Schaffhausen Institute of Technology (SIT) in Switzerland, which he co-founded in 2019.  

In making the announcement, he said: “I’m proud of Acronis’ success to date and believe now is the perfect time to pass the baton to Patrick. We did an extensive search for an outstanding leader and Patrick’s track record of success, partner-led approach, and operational expertise were obvious strengths. He has the experience to continue pushing Acronis’ mission, improve our operations, and build a multi-billion dollar revenue stream – taking the organisation, the product portfolio, and our partnerships to the next level.”
 

Funding to Fuel Significant Growth and Product Innovation for OnBoard, the Leading Board Intelligence Platform Focused on Digitally Transforming the Boardroom

OnBoard, the leading cloud-based board management solution for high-performing boards, today announced it has secured a strategic growth investment of $100M from JMI Equity, a growth equity firm focused on investing in leading cloud software companies. 

The investment comes as board-led companies and organisations have realised that outdated technology, divided communication, and fragmented information flow makes it difficult for boards and leadership teams to engage effectively. The COVID-19 pandemic further highlighted the urgent necessity for digital board platforms that yield increased accessibility, security, collaboration, and enhanced communication, freeing boards to focus more effort and energy on strategic oversight and faster decisions.

"The pandemic showed everyone that the benefits of digital transformation, whether borne of necessity or desire, are profound – and that many boards have been left out of this increasingly important advance," said Paroon Chadha, CEO of OnBoard. "For boards and leadership teams of any organisation, digitally transforming their boardroom ultimately means increased agility and better performance."

Chadha continued, “The investment from JMI underscores our strong performance, including our work to be the highest-rated board management platform on the Apple App store as well as on G2 and achieving a historic high Net Promoter Score of 79 with our customers. It gives us fuel to accelerate our product innovation, continued investments in AI and analytics, and enhance our customer support, all in service of transforming how boards make more informed strategic decisions.”

The investment from JMI will accelerate OnBoard’s award-winning product innovation and category leadership, fuel organic market expansions and strategic acquisitions, and strengthen continued brand growth – allowing OnBoard to reach more customers and serve the complex needs of boards and leadership teams across North America, EMEA, and APAC.

The announcement follows OnBoard’s continued high performance in 2020 and YTD 2021, including:

• Adding more than 1,000 new customers from more than 25 countries.
• Expanding its customer portfolio to more than 600 banks and financial service providers, 700 nonprofits, 250 learning institutions, 100 health care providers, with a good mix of publicly listed, privately held organisations, nonprofits, and government entities.
• Increasing average in-app user engagement time by 40%, post-COVID outbreak
• Maintaining Apple App Store’s Highest Rated Board Management Platform
• Achieving software review site G2’s highest rating awarded to any board management platform of 96 (out of 100).

“This growth investment underscores the strategic need for businesses and organisations around the world to increase their boardroom intelligence and bolster data security,” said Bob Nye, general partner at JMI Equity. “OnBoard’s product innovation encompasses the best benefits of cloud-based software for board-led businesses and organisations: scalability, security and compliance, seamless multi-device delivery, and intuitive ease of use. We’re excited to work with Paroon and the OnBoard team to continue to deliver innovative solutions that enable boards everywhere to be more collaborative, efficient, and strategic.”

As part of the transaction, JMI’s Nye, Partner Krishna Potarazu, and Principal Mac Williams will join the OnBoard Board of Directors. The investment will also enhance operational excellence and performance for OnBoard’s sister solution, OnSemble, a leading employee collaboration platform. OnBoard and OnSemble are products of parent company Passageways, which Chadha founded in 2003.

“My co-workers, early investors like Five Elms and now JMI are valued members of a winning team dedicated to an inspiring mission,” said Chadha. “We are strongly aligned culturally with shared values for transparency, accountability, customer success, and innovation. Gaining JMI’s insights and experience in scaling growth and operations will propel our vision for inspiring and enabling boards and leaders to do their best work, together.”

Avelacom, the low latency connectivity, IT infrastructure and data solutions provider for global financial markets, is partnering with LDA Technologies, the leading vendor of ultra-low latency FPGA products, to deploy FPGA-enabled devices across its network, further reducing latency and enabling high frequency, algorithmic trading firms to improve their trading performance.

The latest generation of LDA’s FPGA-enabled network devices reduce latency by performing extensive packet validation and switching in less than 50 nanoseconds, at least 3 times faster than conventional switches, while also improving the network efficiency by using innovative bandwidth management algorithms. Pilot devices are deployed on its key ultra-low latency wireless links. In the next stage Avelacom will extend the usage of these new hardware solutions in both its wireline and wireless networks to provide ultra-low latency exchange access and market data feeds across financial markets in London, Frankfurt, New York, Chicago and Tokyo and emerging markets in Eastern Europe, APAC and Latin America.            

As the FPGA-based devices are further deployed, Avelacom will be setting a new benchmark for market participants using high frequency trading strategies, particularly as market volatility drives further electronic trading volumes and increases competition. Algorithmic trading strategies require nanosecond accuracy for market data and order entry transfer, such as needed by global market making, arbitrage and other high performance trading desks. 

Aleksey Larichev, CEO of Avelacom said: “Avelacom’s aim has always been to deliver the highest network performance, using a combination of the shortest paths and in-hardware acceleration. This helps us to stand out as the leader in ultra-low latency solutions and meets the needs of global financial institutions that are trading across multiple trading venues and assets, and use latency sensitive strategies. We’ve launched our ultra-low latency solutions at a good time: with the growth of market volatility, our latency optimization is likely to be even more important.”

Vahan Sardaryan, Co-Founder and CEO of LDA Technologies comments: “Our FPGA-based hardware and IP are validated by professional trading community and known to provide the best-in-class latencies. Bandwidth management is a crucial part of any shared network, our solutions will help Avelacom to manage its network performance with the highest standards and lowest possible latencies, and create a huge potential for future technology upgrades.”

Revelock, the pioneer in behavioural biometric-based online fraud detection and response, and Veritran, a global company that facilitates digital transformation through its Enterprise Low-Code Platform, have announced a formal partnership designed to reduce digital bank fraud losses and call center costs, by taking an Active Defense approach. As a result of this collaboration, Veritran will integrate Revelock’s ‘Fraud Detection & Response (FDR) Platform’ into their extensive Security Suite offer to help banks continuously verify user’s identity and automatically protect them from malware, phishing and account takeover attempts, while unobtrusively ensuring a secure customer experience.

Digital bank fraud is a growing problem worldwide. The scope and scale of recent data breaches show that with personal information easily accessible on the dark web, most people are at risk of identity theft and online fraud. The increase in the sophistication of bad actors, the rise of attack-as-a-service schemes – which make launching attacks accessible even to non-technical actors – and the pandemic accelerating the move to digital channels have exacerbated this threat landscape. People who are not technologically savvy or knowledgeable about good cyber hygiene are more at risk of social engineering and online fraud attempts now than ever before.

Whereas online fraud prevention has traditionally focused on identifying typical bad actors, Revelock’s solution works by leveraging advanced behavioural biometrics and hybrid AI to create a BionicID™ for each user. This works like a digital fingerprint, enabling financial institutions to know every user at a granular level and detect anomalies created by any threat vector that may be used to takeover accounts. The platform also provides an ‘Active Defense’ through configurable automated responses to fraud. Together, these capabilities enhance organisations’ ability to spot bad actors accurately and proactively protect legitimate users against identity impersonation and manipulation threats without adding friction to the customer journey.

Veritran has more than 15 years of experience developing digital solutions for the financial industry through its Enterprise Low-Code Platform, which stand out for UX, security and time to market. Thanks to the partnership with Revelock, the company continues to strengthen its Security Suite and incorporates a new option of protection for the millions of transactions executed daily by its platform. In addition, thanks to its low-code technology that facilitates the development of applications from scratch or adding new functionalities to existing apps in record time, financial institutions will be able to access this new security feature in a matter of weeks.

“Fraudsters are getting more sophisticated – both in the technologies they deploy and the psychological tricks they play on people – so banks must get one step ahead of them by using the best possible online fraud prevention technologies available today,” said Omar Arab, Head of Global Strategic Alliances at Veritran. “Revelock offers just that, and its anti-fraud technology is already widely deployed by leading banks in Europe and Latin America. We are pleased to be teaming up with the Revelock team to offer its industry-leading behavioural biometrics solutions to banks.”

“We’re delighted to partner with Veritran to make our game changing online fraud prevention platform more quickly and easily accessible,” said Pablo de la Riva Ferrezuelo, CEO at Revelock. “The Veritran Enterprise Low-Code Platform combined with the Revelock Fraud Detection & Response Platform will enable financial services and fintech companies to quickly, simply and safely develop and deploy omnichannel digital banking applications that offer uninterrupted customer experiences while reducing fraud losses and call centre costs.”

New research shows only 44% of organisations conducted third-party due diligence checks during the COVID-19 pandemic, as companies struggled to prevent extensive supply chain disruption by creating new third-party relationships

Refinitiv, an LSEG business, one of the world’s largest providers of financial markets data and infrastructure, has published the findings of its global risk management survey. The report highlights how the COVID-19 pandemic substantially increased customer and third-party risks, and that technology holds the potential to help organisations respond to the risk challenge.

The survey found that respondent organisations were under mounting pressure to increase revenue (73%) and profits (65%) due to the COVID-19 pandemic. As their organisations were burdened to keep operations and disrupted supply chains running, the survey found that 65% of organisations took shortcuts with KYC and due diligence checks – significantly increasing their risk exposure. Only 44% of respondents conducted initial formal customer or third-party due diligence checks, a 5% drop compared to Refinitiv’s 2019 survey (49%).

When it comes to due diligence checks, by region, Europe was the lowest performing (40%) while Sub-Saharan Africa (56%) the highest. A focus on rapidly forging new third-party relationships also created an environment with reduced sanctions screening, with only 40% of organisations making screening a priority and 56% of respondents admitting they did not fully manage risks related to sanctions screening. Regulators also eased pressure on organisations; compared to Refinitiv’s 2019 report, pressure from governments (75%), regulators (67%) and corporate boards (64%) was considerably lower during the pandemic.

The new remote working culture during the pandemic made it more difficult for organisations to manage cyber risk, as 71% of organisations stated that operating with a remote workforce made cybercriminal attacks harder to contain. This was the impetus for half (51%) of organisations making cybercrime a priority during the pandemic. Fraud was also a big focus, with companies dedicating substantial resources (20%) to combatting this aspect of financial crime, followed by 16% for money laundering and 14% to cybercrime and theft.

“COVID-19 plunged many organisations that already had fragile third-party networks into an uncertain, turbulent and very competitive market and forced them to rapidly expand their vendor network as they struggled to protect critical supply chains from disruption. Looking back at the lessons learned over the past 16 months, it is clear that businesses must close the compliance gap and focus on building a resilient supply chain with due diligence and financial crime prevention at its core,” said Phil Cotter, Global Head, Customer & Third-Party Risk, Refinitiv. “As organisations slowly recover from the COVID-19 impact, we expect an increase in technology investment as they seek new way to address customer and third-party risk challenges.”

The report highlights the power of technology innovation, with 86% of respondents reporting that innovative digital technologies have helped them identify financial crime, and 91% of technology champions stating they will look to improve financial crime detection and mitigation over the next year. There is increased appetite for emerging technologies, as 43% of organisations report they are under extreme pressure to increase revenue due to the pandemic and are interested in deploying artificial intelligence (AI) and machine learning to fight financial crime. The survey also found that the COVID-19 pandemic has prompted greater collaboration across industries and between businesses, people or institutions, and links this trend to the use of technology. Organisations already utilizing the power of technology to address financial crime are 60% more likely to collaborate with law enforcement than those not using technology.

Cotter continues, “The COVID-19 pandemic negatively affected organisations and communities across all regions, but it also sparked a desire for private-public collaboration and working together toward the common good. At Refinitiv we have long advocated for fighting financial crime through collaboration and cross-industry partnerships, and we’re excited to share our expertise and platform to work with like-minded organisations to address global risk threats.”

Another positive change the research highlights is the increased importance of ESG to organisations and the emphasis on green crime. The survey shows that two thirds of organisations are concerned with ESG factors when it comes to due diligence and 43% of respondents consider emerging threats such as green crime a priority. Refinitiv welcomes this development and continues to highlight the link between green crime, corruption and money-laundering.

The report findings are based on a survey completed by nearly 3,000 managers in large organisations with an annual average turnover of US$24.3BN / £17.2BN, who are either knowledgeable or involved in regulatory compliance and practices. The research was conducted in March 2021 across 30 countries, including: USA, UK, Canada Brazil, Argentina, Mexico, Germany, France, Netherlands, Italy, Spain, Russia and Poland.

To download the Refinitiv report ‘Global Risk Management Report 2021: How data, technology and collaboration are reshaping risk, please visit: www.refinitiv.com/en/resources/special-report/global-risk-and-compliance-report

The Central Bank of Mongolia, also known as the Bank of Mongolia, has successfully completed a national project to migrate its entire payments infrastructure to Compass Plus solutions. Due to increasing transaction volumes, the bank needed a scalable, reliable, and trusted solution that could service large volumes of transactions, as well as a vendor that could provide the bank with the support they required.

The project went live at the end of April after the final Mongolian bank was successfully connected to the new system. The introduction of the new system for the Bank of Mongolia will increase the availability of services the bank is able to provide its customers and improve the quality of customer service. It will also enable the bank to launch new products and services to market much quicker than it previously could due to the increased speed of integration with commercial banks in Mongolia.

As the Central Bank, the Bank of Mongolia’s main objective is to maintain the stability of the national currency, financial markets and banking system in the country. It chose Compass Plus solutions to transform its infrastructure due to the company’s outstanding reputation in Mongolia as a reliable and trusted partner.

“The successful launch of a new payment card system will ensure the reliability of a whole payment system infrastructure, thus will improve the confidence to the payment card network and boost the usage of various payment means,” commented Anar Enkhbold, Director of Payment Systems Department at the Central Bank of Mongolia.

“This is a significant project for Compass Plus. With 80% of Mongolian banks already running on Compass Plus software, it is fantastic that the Central Bank of Mongolia has chosen to partner with us as part of its transformation project,” said Denis Romanov, Senior Sales and Account Manager at Compass Plus. “The majority of the project was carried out remotely due to various COVID restrictions, but through joint efforts with the bank, we were able to ensure the entire migration process was smooth and were able to go live on time.”

 London-based automated risk, compliance and regulation software specialists, Albany Group has signed a partnership agreement with Sapiens, a leading global provider of software solutions for the insurance industry to provide an end to end regulatory & compliance solution integrated with Sapiens global P&C Policy Administration Platform. 

Traditionally highly regulated, the global reporting requirements in the insurance industry are often rigorous. Albany’s technology solution, Conect^TM helps to manage and organise all regulatory, compliance, contractual and professional needs of any extensive supply chain, allowing companies to identify risk and stay compliant. The software also allows insurers to create a bespoke global network with its partners for seamless collaboration.  The partnership between Sapiens and Albany Group will enable Sapiens’ customers to more easily and more accurately meet strict industry regulatory requirements while reducing costs, errors and risks. 

“We are delighted to partner with Albany Group and to provide our valued customers with a solution that greatly improves their regulatory compliance and efficiency, while lowering their risk,” said Ori Sarid, Ecosystem Partner Management, Sapiens. “Our joint solution relieves insurers of the stress of aligning, managing and tracking regulatory, contractual and professional documentation and filings.” 

Stewart Griffiths, CEO and co-founder of Albany Group said: “We have been long term admirers of the advances that Sapiens’ technology has delivered for the global insurance market. Having mutual clients, we have worked together to further simplify software integration for regulatory compliance to add further value to our clients at the touch of a button.”