Software provider Regnology has released two new products to combat regulatory challenges facing market participants.
RConnect and Regnology ChatBot aim to unite regulated financial institutions and financial regulators on a single, streamlined communications platform.
RConnect is designed to reduce the risks associated with misinterpreted regulations and provide clarification around implementing new regulations.
Using AI, the platform answers queries while providing greater visibility, control and efficiency for all parties.
Rconnect is available to both Regnology clients and non-clients and will be officially rolled out in Q2 2024.
Alongside this, Regnology ChatBot is being introduced as an AI-powered support tool which aims to provide clarity around new regulatory guidelines and to ensure compliance within stringent timelines.
The ChatBot is also designed to benefit customer support teams by analysing user interactions during problem encounters.
The firm says its ChatBot solution will be available in late Q1 2024.
Commenting on the future releases, Regnology CEO Rob Mackay says: "Our mission at Regnology is to unite regulators and regulated entities to mitigate risk and help prevent financial crises. With RConnect and our Regnology ChatBot, we are breaking down barriers that hinder effective communication in today's complex regulatory landscape."
Linda Middlemitch, chief product officer at Regnology, adds: "Our Regnology ChatBot transforms how our clients navigate through ever-evolving regulatory frameworks. It provides real-time information critical for businesses seeking rapid comprehension of new mandates."
