Is it a good idea that every financial institution should
- have new government regulations separately studied and interpreted by internal and external specialists?
- devise its own solutions in response?
- have those solutions again separately reviewed by internal and external auditors?
Even though the regulations are identical for all of these institutions, clearly leaving no room for competitor differentiation.
Quite obviously not!
Finform makes it possible to do things differently. The state-of-the-art technological solutions made available by a host of specialised third-party providers on the Finform service process platform ensure compliance with all legal requirements. These solutions are standardised and encapsulated to ensure uncomplicated and efficient use of the platform. All legal changes are processed centrally by Finform for the financial institutions connected to the platform.
This relieves tremendous administrative burden on core banking systems, as all data are checked and structured in advance.