Kobalt Labs, which offers an artificial intelligence-powered copilot for risk and compliance teams, joined the Treasury Prime Partner Marketplace.
Banks using Treasury Prime’s embedded banking software can now use the Kobalt Labs solution to better manage their third-party diligence with AI, the companies said in a Tuesday (Aug. 20) press release.
“Compliance costs are a big consideration for banks as they weigh the investments associated with embedded banking,” Kyle Costello, head of partnerships at Treasury Prime, said in the release. “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 [Banking-as-a-Service (BaaS)] programs.”
The Kobalt Labs platform checks external documentation against financial regulations, regulatory guidance and security standards; surfaces details on beneficial ownership, financing history, negative news, and lawsuits and enforcement actions from business intelligence sources; extracts relevant security information; and identifies missing clauses and risky language in agreements, according to the release.
The platform boosts internal diligence capacity fourfold, Kalyani Ramadurgam, co-founder of Kobalt Labs, said in the release.
“Partnering with Treasury Prime is an exciting next step toward bringing this technology to more banks and FinTechs so they can strengthen diligence and minimize their compliance costs, all while staying continuously compliant with evolving regulation,” Ramadurgam said.
This is the latest in a series of partnerships announced by Treasury Prime.
The company added FS Vector’s regulatory compliance training platform Headmaster to its Partner Marketplace in June, saying the platform provides education, tracking and regulatory updates, and it can push out content to some or all of a partner’s employees whenever needed.
In May, Treasury Prime teamed with fraud, identity and security platform Footprint to give banks and their FinTech clients access to Footprint’s know your customer (KYC) and know your business (KYB) technology.
Treasury Prime also joined forces with fraud and risk management platform Effectiv to bring advanced fraud detection capabilities to enterprises and banks. Announced in December 2023, the collaboration aims to address the increasing incidents of fraud in the financial sector and provide customers with tools to combat fraudulent activities.
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