Florian M. Clever, Founder and CEO
On the first day of January 2018, a new bill called the packaged retail investment and insurance products (PRIIPs) was passed. It defined the guidelines by which investment and insurance products of financial institutions are to be governed for the purpose of consumer protection throughout the European Union (EU). While the purpose of this act was to improve the investor protection standards of a retail client, it was not an easy task adhering to the regulation for two main reasons. The first being that the last technical details fo the new policies was announced only 40 days prior to PRIIPs’ enactment. The second reason revolved around the most common challenge finance organisations face today: digitalisation. For large financial institutions, conforming to a new regulation like PRIIPs can be an extremely laborious process. And, in a world of constant regulatory change, an organisation can easily fail to comply with business prerequisites while tackling the growing demand of a technology-first clientele. Finance companies are required to stay on their feet 24/7 and still ensure that their bottom line is secure, which, to say the least, is now one of the biggest hurdles in the industry. In order to help such organisations overcome their regulatory and technology challenges, Germany-based cleversoftgroup offers the most comprehensive regtech solutions that are fuelled by 15 years of experience in the field.
Cleversoft leverages the latest cloud-based technologies to deliver its extensive suite of fully integrated regtech software that bring about highly desirable changes across a client’s enterprise. “We combine our knowledge of technology with an understanding of the many new and changing regulations to reproduce regtech in its truest form,” states Florian M. Clever, founder and CEO of Cleversoft. The company focuses on digitization of business processes for regulatory documentation & reporting, marketing & financial crime prevention as well as other back-office operations.
With its regulatory documentation and reporting capabilities, Cleversoft improves the trust between financial service providers, regulators and investors—thereby simplifying the move towards PRIIPs, Solvency II, and other regulations like IFRS 17 compliance. “Our solutions help banks, asset managers, investment management companies, fund providers, and custodians produce legally compliant regulatory documents, such as product information sheets (PIS), KIDs for PRIIPs, KIIDs or GromiKV, and VAG reports,” adds Clever.
By keeping a vigilant eye on the proceedings of the EU regulatory authorities, Cleversoft adapts accordingly and fine-tunes its solutions to be up-to-date with easy integration and usability, all the while retaining their cost-effectiveness. For instance, considering the many requirements stated by the 5th AML (Anti-Money-Laundering) Directive , banks and insurers may find themselves spending a lot of time organising their data, legal files and information to be utilized for detection and blocking financial crime any given time. This can take their main focus off existing and potential clients, leading to unsatisfactory customer experiences, which negatively affect the bottom line. Cleversoft helps its clients circumvent such issues by improving their website’s accessibility with several tools that assist customers in the areas of insurance, fund comparison, and savings plan calculation.
Cleversoft further showcases its regtech capabilites to support clients with solutions for new regulations. When a new regulation hits, such as currently the ESG regulation, we thrive on collaborating with our clients to develop hands industry solutions which we then build into an industry best practice standard. This we compile into a ready-to-run package offering, Clever and his team of over 160 industry veterans provide asa pre-configured template for managing regulatory policies alongside Cleversoft’s solution suite. “We conduct workshops with our clients and tailor our software to suit their needs. Our SaaS-based service model allows us to provide a full Managed Service with different service levels,” expresses Clever.
Leveraging its unique ability to adapt and apply technology quickly, Cleversoft is able to continually amplify its regtech prowess. Moving forward, the company intends to grow and expand its product range by acquiring new companies that excel in financial crime detection, monitoring, as well as anti-money laundering service providers. “We are looking to improve many other areas in our client’s value chain, and this is really how we thrive on delivering a one-stop compliance suite for companies throughout the globe,” concludes Clever.