ComplyFirst automates FCA regulatory reporting for financial services companies by integrating existing business tools and utilizing API-driven technology to generate and submit error-proof reports in industry-standard formats. This solution reduces the time spent on reporting by up to 800% while minimizing the risk of costly misreporting and compliance fines.
Funding
Funding not disclosed
Founders
Product
Problem
Financial services companies face increasing complexity in meeting regulatory reporting requirements from various global bodies. Manual processes, reliance on spreadsheets, and disparate data sources lead to errors, increase the risk of fines, and consume significant time and resources. Adapting to new regulations and scaling reporting across multiple jurisdictions further exacerbates these challenges.
Solution
ComplyFirst offers an automated regulatory reporting platform designed to streamline and simplify compliance for financial institutions. The platform integrates with existing business tools and data sources through API-driven technology, consolidating data into ready-made report templates. By automating data mapping, calculations, and validations, ComplyFirst eliminates manual adjustments and reduces the risk of misreporting. The platform supports various industry-standard formats (XML, XBRL, CSV) and automates report submission through API connectivity with regulators, significantly reducing reporting time and improving accuracy.
Target Audience
ComplyFirst targets global payment and e-money companies, as well as other financial services firms, that must adhere to regulatory reporting requirements from bodies such as the FCA, CBI, DNB, and others.
Features
- One-click integrations with popular cloud software like Xero, Sage, ComplyAdvantage, and SumSub
- Ready-made report templates following regulator rules in formats including XBRL, XML, and CSV
- API connectivity with regulators for automated submissions and feedback
- Customizable dashboard providing a clear overview of all reports and assigned tasks
- Team collaboration features including email notifications, task trackers, and document uploads
- Built-in regulatory calendar with notifications on reporting schedules and deadlines
- Secure data storage with advanced encryption and servers located in Ireland
- ISO 27001 and UKAS certifications ensuring data handling with utmost care and compliance