spektr and Fyorin: Driving Compliance Automation in Fintech

Fyorin disrupts the status quo in business banking and global finance with its innovative embedded financial systems platform that brings CFO workflows closer to banking operations. Leading the charge in compliance is Adrian Vella, bringing over two decades of expertise from traditional banking to Fyorin’s digital forefront. Adrian’s transition offers a fresh take on the evolving compliance scene.

As Fyorin's compliance head, Adrian brings a wealth of experience from his time at one of Malta's major systemic banks, making him the perfect navigator through compliance in today's digital era. Partnering with spektr for compliance automation, Adrian sees a chance to redefine compliance practices, leveraging automation and real-time monitoring to tackle modern financial challenges with confidence.

“spektr stood out as the definitive leader in compliance automation after thorough market analysis. Their customised technology offerings combined with exceptional UX, were exactly what we needed to elevate our compliance processes" - Adrian Vella, Head of Compliance, Fyorin

Let's delve into Adrian's experience with guiding Fyorin through its compliance journey, revealing how spektr's solution enhances their compliance strategy!

The Challenges

Meeting compliance standards is no easy feat for payments and financial institutions like Fyorin. Common challenges include establishing real-time client risk assessments, updating risk profiles efficiently, and managing Enhanced Due Diligence (EDD) processes. These challenges, compounded by manual risk assessments and a lack of bulk processing, can negatively impact scalability and efficiency.

However, within these challenges lie opportunities for innovation. Fyorin recognizes the importance of automation and scalability in modern compliance, prioritizing compliance automation over traditional manual processes. spektr emerges as a crucial ally in this journey.

Faced with rapidly evolving regulations and business requirements, spektr’s dynamic workflow orchestration feature enables Fyorin to build flexible and adaptive compliance workflows. Coupled with intelligent risk insights, Fyorin can spot emerging risks in real-time, enabling proactive risk management strategies.

Why spektr?

spektr provides Fyorin with a tailored compliance solution, offering an intuitive, no-code platform that empowers compliance, operations, and product teams to build customised workflows without straining internal IT resources. Here’s, in short, why Fyorin chooses spektr for their compliance strategy:

#1 User-friendly and Customizable Workflows

Non-IT staff can effortlessly design and tweak workflows, integrating or removing third-party services as needed. This lets compliance experts concentrate on crafting risk evaluation strategies that yield desired outcomes.

#2 Real-time Risk Assessment

With spektr, Fyorin can re-establish client risk profiles in real-time. This capability reduces the need for manual interventions and enables compliance teams to focus on high-value tasks such as risk evaluation and mitigation. By providing instant insights into client risk profiles, Fyorin can make informed decisions quickly and with confidence.

#3 Scalability and Automation

spektr's platform facilitates bulk processing and recalculations based on evolving risk factors, ensuring scalability and flexibility as Fyorin's operations expand. Automation enhances compliance processes for better efficiency and accuracy.

#4 Audit Log and Data Integrity

spektr's audit log offers transparency and traceability, reinforcing good governance practices. This feature ensures data integrity, providing confidence in compliance operations. Moreover, the interface makes it easy for compliance teams to access and review audit logs, facilitating collaboration and alignment across departments.

Adrian's insights underscore spektr's rapid deployment, intuitive interface, and seamless integration into Fyorin's compliance infrastructure, showcasing its adaptability and compatibility with existing processes.

"The level of granularity and testing capabilities within spektr's compliance solutions were game-changers for us. It's crucial for us to demonstrate minimal false positives, and spektr's platform excels in this aspect.”

Impact and Looking Ahead

Integrating spektr into Fyorin's compliance strategy has led to a positive shift in risk monitoring functions, enhancing scalability and compliance oversight. spektr's intuitive visual interface and comprehensive audit log provide a transparent method for managing compliance workflows for increasing confidence among stakeholders and regulators alike.

spektr's remarkable flexibility and customisation capabilities, coupled with its unique solutions, such as dynamic workflow orchestration and intelligent risk insights, are invaluable assets in Fyorin's compliance arsenal.

Looking ahead, Fyorin plans to leverage spektr's capabilities further, expanding its usage across various areas of its operations. With spektr by its side, Fyorin is well-equipped to navigate the evolving compliance landscape with confidence and transparency.

"With spektr, we achieved rapid deployment from concept to production in record time, a testament to the platform's efficiency and effectiveness in navigating complex compliance requirements."