Prosperity 24.7 the business and technology consultancy are proud to announce that they have been shortlisted for a prestigious International Award – Cloud Platform Innovation of the Year – at the 4th Cloud & DevOps World Awards specifically for their RegTech / FinTech platform CRS Self Certify 24/7 which has been built by Prosperity 24.7 in partnership with Microsoft UK.
The award category outlines:
“The Platform Innovation of the Year Award is designed for that game-changer solution provider whose PaaS offerings are able to significantly minimise the cost and complexity of IT.
The Cloud Award Judges are looking to award the platform that can enable further agility, scalability, collaboration and a facilitated development environment in the most cost efficient, high quality and secure manner”.
Elaborating on the shortlisting, Julian Slater, Head of Analytics and Reporting of Prosperity 24.7 advised:
“Following on from our acceptance into a Microsoft UK accelerator programme late in 2015 to facilitate our transition from a traditional professional services consultancy to one with a healthy export / innovation focus in micro vertical products, Prosperity 24.7 were faced with choosing several ‘accelerators’ which we had built previously on top of Microsoft platforms (Dynamics CRM Online and Azure). We could have chosen products which benefit the Public Sector or Financial Services however during the research and development phase it became apparent that, with the ever growing burden of Regulation and a general reticence of International Financial Services businesses to adopt true cloud / digital enablement, there was an opportunity crying out to help clients across the globe to engage their own customers effectively”.
Chris Clark, CEO of Prosperity 24.7 outlines how Self Certify 24/7 has changed this approach not only to benefit clients but also to protect the reputation of International Financial Services jurisdictions:
“Our product Self Certify 24/7 drastically reduces the cost of compliance for our Financial Services customers whilst significantly reducing the time their clients take to submit common regulatory information. Previously the time to undertake a ‘batch’ process for our clients was elapsed ‘weeks’ whereas now the ‘complete’ process can be completed in minutes. For end clients a manual form filling process (on average a 14 page paper mandate / document) is now pre-populated with the relevant information (which our customers held on record) with only key attributes needing to be populated – demonstrating that the business does ‘Know Their Customer’ already.
Regarding the wider benefit, the Common Reporting Standard – CRS – is all about transparency and the automatic exchange of information. Self Certify 24/7 enables our clients to, more easily and effectively, demonstrate the integrity of International Financial Services whilst ensuring trust and security for the interaction between our clients’ and their customers upon a secure platform backed by a leading provider in Microsoft which provides scalable computing power to handle the volumes required when reaching out to an International client base for our clients for a remediation activity such as this.
We have worked with key clients, proving that their diverse and International client base can benefit, this has helped us to verify our approach and has validated our assumptions regarding the feasibility of a product to genuinely transform the experience of our Clients’ customers to one which is secure yet simple and efficient to use on any device in a digitally enabled manner. It is great to see modern businesses transforming the way they work to everyone’s benefit.”
One such client whom has worked with Prosperity 24.7 during the initiation stages of our product development is JTC Group, a multi-jurisdictional, independent provider of institutional and private client services. You can read more about their experiences here: http://prosperity247.com/clients/jtc-group-crs-self-certify-innovation/
In closing Chris Clark added, “if we win this coveted award it will be a phenomenal acknowledgement for our dedicated team whom have invested significant time and effort to bring this product and its innovative business model to market. Our approach will ensure that it is easily accessible financially for clients with 10,000 or 250,000 customers. We look forward to attending the award ceremony in London on Tuesday 21st June”.
For those wishing to understand more regarding the benefits of the product, our USP is summarised as below:
From the perspective of our clients’ we have:
- Significantly reduced the transactional cost our Financial Services Clients incur to run a mandatory regulatory process.
- We have reduced the time it takes to process significant volumes of Client Due Diligence communications (from weeks to minutes).
- We have provided a secure online channel for all data communications leveraging 2FA, auditing every ‘touch point’ to build a digital footprint and intelligent customer engagement.
- We have transformed a potentially ‘loss making’ compliance activity into a profit centre.
- We have reduced the time to receive submissions from months to minutes as the process is so simple for customers.
For our clients’ customers we have:
- Demonstrated that a Know Your Customer (KYC) process does not require a blank form every time, significantly enhancing their customer experience.
- We have transformed the way clients have to submit data e.g. a traditional 12 page form is now an online form > review all known attributes > Enter D.O.B. and Country of Tax residence > Accept terms and conditions regarding Digital Footprint and then Submit.
- And of course… This form works on any device, anywhere, any time – the ‘Martini Principle’.
Richard Branson recently tweeted “From the day I took my first steps as an entrepreneur, I’ve felt that the only mission in life worth pursuing in business is to make people’s lives better” with Self Certify 24/7 we have made the mundane and the mandatory – simple, efficient and a pleasure to submit – how often can that be said about a bank mandate!
Should you wish to see the software for yourself, you can set up a simple trial here: http://prosperity247.com/selfcertify247-crs/
For further information please contact Chris Clark – CEO – Prosperity 24.7