Aug 21, 2024

RegTech Analyst Treasury Prime and Kobalt Labs partner to revolutionize AI compliance in banking August 21, 2024 Treasury Prime has announced its latest collaboration with Kobalt Labs, a firm specializing in AI-powered compliance solutions. Kobalt Labs, known for its robust copilot platform for risk and compliance teams, has joined the Treasury Prime Partner Marketplace, marking a significant enhancement in the embedded banking sector. The partnership has been formed to address the increasing compliance costs that banks face with embedded banking. By integrating Kobalt Labs into the Treasury Prime network, banks are now empowered to manage their third-party diligence more efficiently using advanced AI tools. This collaboration enables banks to streamline legal, compliance, and infosec diligence processes within a single platform, fostering better compliance and risk management. Treasury Prime operates within the FinTech sector, specializing in embedded banking software that facilitates seamless banking services integration for various businesses. Their software solutions help banks and FinTech companies expand their BaaS (Banking as a Service) capabilities, thus broadening their service offerings and enhancing customer experiences. Kobalt Labs, on the other hand, focuses on enhancing compliance and risk management for financial institutions. Their platform is designed to modernize the diligence processes, ensuring comprehensive checks and balances against regulatory standards and helping firms remain agile in the ever-evolving regulatory landscape. Kobalt Labs will contribute its expertise to modernize and strengthen the entire third-party diligence flow within Treasury Prime’s bank network. Their platform is synchronized with all financial regulations and security standards, capable of conducting quick, thorough checks on external documentation. This not only boosts the efficiency of compliance processes but also helps banks stay aligned with regulatory requirements during audits. The addition of Kobalt Labs to the Treasury Prime network is expected to enhance the internal diligence capacities of banks by over four times, providing extensive real-time regulatory coverage and ensuring continuous compliance with evolving regulations. “Compliance costs are a big consideration for banks as they weigh the investments associated with embedded banking. By partnering with Kobalt Labs, we’re enabling our bank clients to access new capabilities for third party risk management compliance as they scale their BaaS programs,” Treasury Prime Head of Partnerships Kyle Costello said. “Initial benchmarking shows that our platform boosts internal diligence capacity by over 4 times, increases real-time regulatory coverage and aligns with evidence required during audit periods,” Kobalt Labs co-founder Kalyani Ramadurgam said. “Kobalt accelerates my manual workflow and reduces the time to meet ever-changing regulatory obligations,” said Sarah Mirsky-Terranova, Kobalt Labs advisor and former Chief Compliance Officer at Synctera and POSaBIT. Copyright © 2024 RegTech Analyst