Software solutions providing security and preventing from breaking regulations
After the financial crisis in 2008, European authorities introduced various rules, policies, directives and regulations that increased the regulatory pressure on companies. RegTech solutions support financial institutes (FIs) with automated tools to help efficiently and cost-effectively manage the overload of compliance.
ECIT Labs an innovation company in the group ECIT, based in the Nordics, providing its users with a wide range of services and software solutions for enterprises in the fields of financial management, accounting and IT security. The company has already developed an impressive network of skilled professionals who build successful products to support businesses in running their companies and thrive. They wanted to expand their development team to create a RegTech solution that brings agility, speed, integration and analytics to meet regulatory expectations and manage risks.
The aim of the project was to:
- provide an application for enterprises to verify BPO in means of AML regulations
- create a tool streamlining a quick and reliable verification of business entities required by law
- Implement BankID Authentication for identification
- Generate reports within the AML duties that have proof of authenticity
Process and Project Scope
ECIT Labs decided to outsource the development of a React application in order to expand internal technical resources and augment lower-cost options for development talent. Selleo delivered front-end and back-end developers as well as a UX/UI designer to create a part of the application facing clients for the BPO verification from scratch. We were allowed to choose our own tools, but the client offered suitable ones: Typescript, React, GraphQL.
Simplify sales and keep the customers satisfied
ECIT sought a solution that would substantially enhance performance and provide more reliability to its customers with AML regulations compliance.
To support their vision, we built parts of the application aimed at verifying BPO companies offer a modern experience with real-time data and simplify the KYC (Know Your Customer) process mandatory by law. The application offers bank-level security of identification of users and AML Services in order to provide confirmed information regarding searched people and organizations.
The developed solution improves customer experience and satisfaction by:
- having a transparent KYC process
- delivering efficient customer experience and no never-ending PDF forms
- increasing the overall quality in the accounting service deliver