The new solution from VIXIO supports clients in dynamically assessing global regulatory changes. Horizon Scanning offers three main use cases that fit within a payments compliance framework:
In depth global coverage of the regulatory payments landscape. By offering intelligence across 130+ jurisdictions, from the US and Canada to Europe, LATAM, and APAC, compliance professionals are able to monitor and prioritise regulatory changes based on whether it’s actionable, indicative or informative;
Analysis of regulatory trends and policy movements to inform market strategies and manage risk. The highly customisable and dynamic dashboards accessible in the platform allow customers to filter results, assess regulatory impact by type and volume. The ability to build custom watchlists enables compliance professionals to instantly see where markets may be opening up for new product types or where regulatory change is trending towards stricter obligations;
Reporting to the Board. Any analysis built in the platform can be easily exported for ease of reporting. Customers can create a report structure and refresh monthly to keep stakeholders informed.
VIXIO analysts assess, analyse, and distil key regulatory events to provide actionable insights. The increasing volume of regulatory change is introducing noise into the system. Horizon Scanning showed that in the first half of 2022, of the 300,000 regulatory events tracked, only 978 were relevant to payments. It also showed that only 200, or 0.32% required action.
Apart from the significant time saving Horizon Scanning offers compliance teams, it also offers the benefit of being extremely customisable to ensure that it fits within a client’s requirements and how they view the landscape. Complementing this core requirement, the solution acts as a training tool to help teams approach different jurisdictions and regulations within their specific roles.
Officials from VIXIO said that the payments industry continues to evolve and be disrupted by new technologies and business models, reducing friction, and creating new customer experiences. Risks are also emerging due to tough market conditions, rising fraud, and pressures on firms to grow quickly. Regulators are responding in kind, and at pace, focussing on consumer protection and handing out enforcements to those who fail to comply. VIXIO developed Horizon Scanning to enable their clients to systematically manage regulatory change and safeguard their business and customers from non-compliance.
Headquartered in London and with offices in Washington DC, VIXIO Regulatory Intelligence provides insights, intelligence, and data to brands involved in the global payments and industries. VIXIO’s intelligence solutions empower organisations to understand complex regulatory frameworks, helping them to confidently manage compliance risk, while analysing and pursuing new opportunities in fast, volatile markets.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now