FinTech has become a keyword for innovation in the financial industry. In this context, the terms “LegalTech” and “RegTech” are equally important. Both are key to the technical implementation of current and future legal and regulatory requirements. The current measures of the EU Commission, the EU Parliament and the various supervisory authorities at European and national level can only be implemented through automated processes.
As Andrea Korte, Managing Director of factor-i GmbH Zertifikatefabrik, emphasises: “There is a digital reality in the financial industry that has encompassed all business models. Digitalization is also the order of the day for all legal issues, not only for the implementation of regulatory requirements, but also with regard to communication with the clients of a financial institution”.
The implementation of such questions requires both legal understanding and comprehensive technical know-how in order to prepare the legal requirements in such a way that they can be handled as efficiently as possible by the corresponding systems. Andrea Korte explains, “factor-i GmbH Zertifikatefabrik combines both competencies, through the many years of experience of the employees and partners as well as through the cooperation with the software provider EffCom AG”.