RiskScout Joins Forces With Ncontracts To Increase BSA/AML Compliance Offerings
Leading modern BSA/AML due diligence platform RiskScout has today announced it has formally partnered with Ncontracts, the leading provider of integrated risk management and lending compliance solutions for the financial services industry, to complement its compliance products for financial institutions (FIs) seeking to bank emerging commercial markets while maintaining the required compliance.
Ncontracts will be able to offer an enhanced suite of tools for financial institutions designed by RiskScout’s compliance experts with examiner and BSA experience, to ease the burden of streamlining enhanced regulatory obligations that come with banking emerging and under-banked markets. Markets such as ATMs, MSB, Cash Intermediaries and about a dozen others have been profitable and in our communities, but challenging to bank. New markets such as Crypto, Cannabis THC and Hemp have thrived in the last few years but also offer their own set of complexities for FIs.
RiskScout helps tap into these markets by starting with a compliance check-up from our industry experts, then a plan for the FI to scale, followed by real-time technology solutions that cut the overhead by 80%+ enabling FIs to pursue these markets without investing in exponential sales and compliance staff. RiskScout’s FIs have been able to go from seeing five to six businesses in a regional branch to banking nationwide with more than 120 applicants a month through virtual branch technology.
Ncontracts and RiskScout will work hand in hand to not only help FIs with compliance and overhead but to find these new markets and revenue streams capable of producing hundreds of millions in deposits, fee revenue, lending and merchant opportunities.
Says Justin Fischer, CEO and Co-Founder of RiskScout, “We are thrilled to partner with Ncontracts as their reputation and culture helping Financial Institutions with risk management is tremendous. We look forward to providing compliance education, services and technology to help serve the Community FI BSA needs.”
“High-risk banking is a fast-emerging and rapidly changing part of our industry,” said Michael Berman, CEO of Ncontracts. “As our customers look for new opportunities to expand their customer base and develop new sources of revenue it’s imperative that they work with a partner who understands the complexity of the regulations as well as the upside of the opportunity. We’re excited to partner with RiskScout and look forward to serving our customers together.”
RiskScout is the leading company helping financial institutions to bank underserved businesses in higher-risk markets, such as ATM, MSB, Cannabis, Hemp, Crypto, and more. Beyond serving solely as an advanced onboarding and due diligence platform, RiskScout is a modern compliance system, developed from the ground up by BSA/AML compliance experts, for community financial institutions to grow and profit in higher-risk markets with confidence, by helping these financial institutions solve complex compliance through technology solutions. By doing so, they are able to provide hard-working entrepreneurs and community businesses with the financial services they need to grow. For more information, visit www.riskscout.com
Ncontracts provides integrated risk management and compliance software to a rapidly expanding customer base of almost 4,000 financial institutions and mortgage companies in the United States. The company’s powerful combination of software and services enables financial institutions to achieve their risk management and compliance goals with an integrated, user-friendly cloud-based solution suite that encompasses vendor risk, organizational risk, audit risk, and compliance risk management. The company has been named to the Inc. 5000 fastest-growing private companies in America for the 3rd consecutive year. For more information, visit www.ncontracts.com or follow the company on LinkedIn and Twitter.
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