Clausematch is one of the fintech companies that recently joined our community and did so at the same time as the announcement of its partnership with Intesa Sanpaolo. Double good news for the fintech ecosystem, another story of a collaboration between startups and banks to keep track of and share with. We interviewed Evgeny Likhoded, ClauseMatch CEO & Founder to get them to tell us better.
What does Clausematch deal with?
ClauseMatch deals with how banks and other regulated industries address regulatory compliance from the point of view of internal documentation. Whenever there is a change in regulation, the implementation of that regulation involves a lot of people and lots of effort. The implementation usually comes down to writing new policies and procedures or updating them and then communicating them to the employees. Then ultimately being able to show to the regulator that policy, a procedure or an internal risk control which is related to a particular regulation or an obligation has been implemented properly, communicated to employees and then checked for effectiveness. What we built at the core of the platform is the capability to work and manage internal policies in real-time, keep the full audit trail, so there are full enterprise workflow and collaboration. You can have hundreds of people working on the same document in different roles.
Big news about ClauseMatch
Recently we announced going live at Intesa Sanpaolo. This partnership means complete transformation and digitalisation of how Intesa Sanpaolo was approaching the management of thousands of cost management contracts with all the internal vendors across the global structure of the bank. The Bank now manages intra-group service contracts between internal suppliers (about 30 providers, e.g. Information Systems, Operations, Training, etc.) and about 70 Customers between Business Units and Legal Entities of the Italian and Foreign Group. Using a single platform allows the Bank to reduce the overall effort and shorten the timeframe. The Intesa Sanpaolo case shows how a RegTech company can first and foremost significantly optimise its business processes.
Internationalisation: where you are present and which new markets you are targeting
ClauseMatch is a London-based company. At present we are working with the UK market. In spring 2019 we launched operations in the Asia Pacific region out of Singapore. We’re also actively working with mainland Europe including Italy. And targeting the US market for the next year.
Why did you choose to join the fintech district community?
Italy is one of the regions where ClauseMatch is present. We see that there is an increasing interest in innovative RegTech solutions. The FinTech district community provides good connections with the market and the needed exposure for us.
Fintech 2020 events where you will be present
Each quarter ClauseMatch runs its own expert and networking events that cover different hot topics related to compliance. The panel discussions involve well-known subject-matter experts. The next such event is planned for the end of November. Besides this, we quite frequently organise policy management workshops with Michael Rasmussen. Just this October the workshop has taken place in London, Amsterdam, and Stockholm. Next month we’re bringing it to New York. Who knows, maybe one of the destinations for 2020 will be in Italy