Source: Ernst and Young
EY and Apiax join forces to transform the way the financial industry handles regulatory compliance.
Through their cooperation, the two companies offer financial institutions efficient ways to stay compliant with complex financial regulations digitally.
Apiax has developed a platform that allows to transform complex financial regulations into digital regulatory rules and to deploy these rules in banking applications. The Zurich-based RegTech startup digitalises EY’s regulatory content and makes it available on their regulatory platform.
Ralf Huber, Co-Founder of Apiax, says: "The cooperation with EY allows us to offer trusted and high-quality machine-readable regulations on the most relevant regulatory topics. They can be accessed and deployed instantly through our platform."
EY offers regulatory content for over 120 jurisdictions and covers the most pressing regulatory topics, especially for cross-border financial services, product distribution and tax suitability. Its premium content is widely used and recognized in the industry.
Andreas Blumer, Market Segment Leader FSO Switzerland, says: “We are excited about our cooperation with Apiax. Given the regulatory complexity at an all-time high and the increasing importance of digital banking, we strongly believe in the future of digital regulatory compliance.”
Darko Stefanoski, Partner and Head LegalDigital at EY, says: “Our cooperation with Apiax allows us to offer our industry-leading regulatory content in a digital, machine-readable format and to solidify our position as an agent of change in the financial services industry.”
The collaboration will help to enhance and scale EY’s managed services offering and is underlining our ambition to become a leading disruptor of the legal services market. Further, it will help EY clients to increase efficiency, manage risk, improve compliance and service transparency and reduce costs of digitally based compliance activities.