Considering the high levels of regulation in the financial services sector, it makes perfect sense for firms to rely on efficient and cost-effective technologies to manage and fulfil the multiple regulatory compliance functions required to run their businesses and remain compliant. With this trend gaining momentum, it’s imperative for firms to embrace RegTech and fully understand how these technologies can impact their business moving forward. It’s not enough to simply react to the compliance requirements imposed by new regulations as they are brought into line; firms must prepare ahead of time to tackle the rules that will be rolled out during the next five years and beyond. Consequently, adopting a solid RegTech framework to effectively comply with all financial regulations could also help boost a firm’s profitability and overall efficiency.
MAP FinTech has managed to combine compliance and technology successfully and innovatively. Its technology and compliance teams are closely synchronized. This allows the company to be flexible, efficient, and effective in supporting the new demanding and dynamic requirements of Global RegTech. Mark Ellis is the Senior UK Business Development Manager at MAP FinTech. As regulatory technology continues to evolve, MAP FinTech’s mission remains to provide its clients state-of-the-art scalable solutions, that simplify the way that they meet their regulatory obligations without burdening their operational flexibility.
In an interview with Insights Success, Mark Ellis shares the journey and contribution of MAP FinTech in the financial services industry through its innovative solutions.
“MAP FinTech is a leading and award-winning regulatory technology provider for the financial services industry, specializing in regulatory reporting solutions.”
Below are the highlights of the interview:
Talk to our readers about MAP FinTech, and its journey since inception / List of the popular services that make your company standout from the competition.
Founded in 2013, MAP FinTech is a leading and awardwinning UK and EU regulatory technology provider for the financial services industry, specializing in reporting solutions arising from the requirements of a number of complex and challenging international regulations such as EMIR, MiFID II/MiFIR, SFTR, FATCA, DAC6 and CRS. MAP FinTech also provides innovative and comprehensive solutions for Best Execution Monitoring, RTS 27/28 reporting, AML Transaction Monitoring and Screening, Trade Surveillance (Market Abuse), and eKYC (Screening, eIDV, Document Authentication).
MAP FinTech, has been one of the First providers in Europe to have reported under European Market Infrastructure Regulation (EMIR) with 2 Billion+ transactions successfully reported thus far since February 2014. We currently serve over 180 B2B global clients and have been recognised as having the Best Innovative Technology for Regulatory Compliance for 2021 at the RegTech Insight Awards and the Best RegTech Reporting Solution at the Finance Magnates London Summit in 2019. MAP FinTech was also listed as one of the most innovative companies in the world for 2020 and 2021 by RegTech100. MAP FinTech’s innovative solutions are currently used by LSE listed brokers including some of the biggest CFD MAP FinTech is a leading and award-winning brokers in the world.
How do you bring Regulatory Reporting Services with MAP FinTech’s easier, faster, and more cost-effective solutions?
All MAP FinTech’s solutions are delivered under its powerful and award-winning Polaris Platform. The Polaris Platform empowers MAP FinTech with complete control of the entire process, from data sourcing to reporting and monitoring and it delivers unparalleled flexibility to quickly adapt to new and evolving regulations. Additionally, the Polaris Platform enables the required conversions, enhancements, and re-formatting of the gathered data, preparing them for submission.
The Polaris Platform automates complex workflow processes enabling to review results and ensure accuracy, along the complete cycle. It also adapts to changes across institutions, geographies, and jurisdictions without systems re-engineering, reducing implementation times. Finally, it offers a flexible foundation from which to achieve compliance and help meet the current and future reporting demands of regulatory authorities.
What makes your organization’s Comprehensive and Innovative Solutions a preferred choice for your clients over the competition?
MAP FinTech is not just a technology company that develops software to enable you to report. At the core of its offering lies compliance. MAP FinTech provides quality assurance that the reporting obligations are correctly covered in terms of data quality. If the need arises, the firm can also directly support businesses before any national competent authority without needing any external thirdparty advisory or assistance. MAP FinTech can directly and uninterruptedly report to a number of EU national competent authorities. Our products have been repeatedly tested and passed several rigorous reviews by EU regulatory authorities, providing full transparency for both clients and EU national competent authorities. Moreover, the company offers financial institutions the unique facility to comply with a firm’s reporting obligations before the regulatory authorities, carry out audit trails, and conduct their own reconciliations.
As mentioned above, all MAP FinTech’s solutions are delivered under a single and powerful platform, the Polaris Platform. Besides transaction reporting, the Polaris platform combines under a single user interface, unique solutions such as Market Abuse Surveillance, AML Transaction Monitoring, Best Execution Monitoring, RTS reports, CRS/FATCA reporting. This allows MAP FinTech to package its offerings to clients by reducing direct and indirect costs, maintain a single point of contact for support and access to the system and avoid the need of multiple integrations with various vendors, thus saving time and resources.
MAP FinTech’s dedicated and experienced support team specialises in regulatory reporting, providing continuous support on what is needed to master transaction reporting requirements. This starts from the onboarding phase and covers the whole process up until the initiation of the live reporting, the handover of the platform to the client, and ongoing day-to-day support.
Last but not least, MAP FinTech is a member of MAP S.Platis Group, a leading financial services consultancy group in the region that maintains one of the largest and most experienced teams of financial services compliance experts in the EU. This ensures that clients receive the best compliance support and guidance from industry experts in the EU, but also in the UK via Complyport, a leading London-based compliance advisory firm with more than 20 years of experience.
How do you envision on sustaining your company’s competency in a cutthroat and volatile world of business? Where do you see your company in the next five years?
We resolve to continue delivering exceptional, innovative, and one-of-a-kind solutions to our clients and partner firms. This includes our best-in-class regulatory reporting technology services and tools that allow those companies working with us to achieve best results. The combined expertise of compliance and technology teams underpins the company’s success in providing targeted solutions to its clients and addressing their reporting needs across a diverse regulatory landscape. Our flexibility to build and support completely customized solutions is what gives us the edge. Agility is the key. Personal care for each customer, commitment and innovation is the customer service model the company uses and will continue to use the years ahead.