Sunday, December 22, 2024

Vantage Bank Partners with Cable to Anticipate and Meet Evolving Compliance and Risk Management Regulations in Embedded Banking

Cable, the leading risk management and effectiveness testing platform for banks, fintechs, , announced a strategic partnership with Vantage Bank, a visionary $4.2B bank based in San Antonio, Texas. This collaboration aims to ensure robust compliance and risk management as Vantage Bank continues to grow its fintech program and partnerships.

Vantage Bank has spent significant time and effort meticulously developing a compliance program, engaging deeply with embedded banking experts to ensure every aspect is meeting standards. Choosing Cable was a strategic decision for Vantage Bank, providing them with an all-in-one tool needed to stay ahead of evolving US banking regulatory requirements and confidently scale their innovative embedded banking solutions.

“Embedded Banking is under intense scrutiny from regulators. Vantage Bank is incredibly smart to get ahead of that scrutiny by building a best-in-class compliance program right at the outset. We are delighted that they chose Cable as part of that program, and we are excited to work with them and learn from them over the coming years,” said Natasha Vernier, CEO at Cable.

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Cable’s Platform revolutionizes how Vantage Bank monitors its controls. With the ability to automatically monitor 100% of accounts, Vantage Bank can eliminate manual testing and ensure comprehensive control monitoring as their business scales, all without additional headcount. This approach ensures full regulatory compliance and control over financial crime risks, enabling Vantage Bank to focus on growth with complete confidence in their compliance framework.

Vantage believes there is tremendous opportunity to grow and diversify our customer base by leveraging embedded banking,” said Jeff Sinnott, President and CEO of Vantage Bank. “This opportunity requires that we have a robust risk management program and strong controls to ensure regulatory compliance. Vantage Bank believes Cable is the best platform to help manage our risk and compliance for our embedded banking program.”

Cable‘s Financial Crime Assurance product continuously monitors accounts and transactions for any regulatory breaches or control failures, and dynamically updates the Financial Crime Risk Assessment based on the actual effectiveness of controls, moving beyond traditional annual reviews and static spreadsheets. This always-up-to-date Risk Assessment is driven by a robust methodology aligned with regulatory and industry standards, including the Wolfsberg Group, FATF, JMLSG, FFIEC, and national risk assessments.

SOURCE: PRWeb

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