If you're not compliant you're dead in the water

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The financial industry is experiencing a paradigm shift, with businesses actively seeking new and efficient ways to incorporate financial services into their core offerings. This transformation has given rise to embedded finance, a model that enables companies to integrate financial capabilities into their products or services. Among the pioneering platforms facilitating this revolution is Toqio, a leading provider of a leading provider of digital embedded finance technology. Our commitment to compliance is central to our mission, encompassing both our platform and the software built upon it.

The embedded finance revolution

Embedded finance is reshaping the landscape of business-to-business (B2B) commerce. Companies are increasingly recognizing the potential benefits of incorporating financial services directly into their operations. Whether it’s offering loans, facilitating payments, or providing financial insights, embedded finance empowers businesses to offer more comprehensive and tailored solutions to their customers.

The compliance conundrum

In this transformative journey, the importance of compliance cannot be overstated. Toqio’s focus on compliance addresses two critical aspects: the compliance of its platform and the compliance of the software developed using its platform.

Platform Compliance

We recognize that a robust platform foundation is paramount. Ensuring the compliance of our platform with industry regulations and standards is the first step towards building trust with our customers. Compliance in this context encompasses adherence to a myriad of financial and data security regulations. In the UK, for example, this includes compliance with Anti-Money Laundering (AML) practices, Know Your Customer (KYC) regulations, Consumer Duty rules, the Payment Services Directive (PSD2), Electronic Money Regulations (EMRs), Counter-Terrorist Financing (CTF) guidelines, Anti-Bribery and Corruption (ABC) measures, Anti-Facilitation of Tax Evasion (AFTE) rules, as well as vigilance against general fraud, adherence to data protection laws, and the consideration of industry-specific standards.

By adhering to standards, we safeguard against regulatory fines, legal repercussions, and, most importantly, the trust of our customers. Businesses relying on our platform need assurance that their financial services meet the legal requirements and security standards in every jurisdiction they operate. Our commitment to platform compliance ensures that our clients can confidently offer embedded finance solutions, even in highly regulated industries.

Solution Compliance

Beyond platform compliance, we encourage our customers to take compliance very seriously, especially with regard to the software built using our platform. Compliance in software development is a multifaceted concern. It involves designing and implementing solutions that adhere to regulations, safeguard data privacy, and mitigate risks effectively.

We empower our customers to navigate the complex web of compliance requirements and often recommend them to trusted professional partners like Thistle Initiatives.They offer tools, guidance, and resources to help companies build solutions that meet industry- or location-specific regulations, ensuring that businesses can develop with confidence. This proactive approach simplifies the often daunting process of staying up to date with evolving compliance standards, allowing businesses to focus on innovation and growth.

Being non-compliant is risky

Compliance in B2B embedded finance is not an option, it’s a fundamental requirement. Companies like Toqio play a pivotal role in the success of businesses seeking to leverage embedded finance. Our dedication to compliance safeguards not only the legality of the services we offer but also the trust and reputation of our customers.

As the B2B embedded finance landscape continues to evolve, it is clear that the significance of compliance is non-negotiable. Our commitment to compliance – whether ensuring the full compliance of our platform or engaging in active conversations with our customers when they’re ready to build their software – paves the way for businesses to embrace this transformative business model with confidence.

Compliance first

To summarize, it’s clear that integration of embedded finance solutions into B2B offerings holds immense potential for businesses. This potential, however, can only be harnessed effectively through a strong commitment to compliance. The future of B2B embedded finance is bright, but it’s a future that must be built on a strong regulatory compliance foundation.

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