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Simplifying a complex regulatory landscape
Businesses spend a great deal of time and money on regulatory compliance. For example, a recent survey of financial services executives found that a third of banks spend more than 5% of revenue on compliance. And this burden falls on small businesses too – the UK’s average SME spends 12 working days each year on tax compliance alone. Reducing these expenses presents an opportunity for innovation, and Regtick – a Belfast software developer – has taken up the challenge.
Regtick is visually intuitive software that simplifies regulatory change programmes. It helps organisations reduce their costs, improve control and collaboration, and provide evidence of compliance.
Regtick followed the Innovation Framework to build this game-changing platform, working through the four steps of ideation, selection, development, and commercialisation – obtaining bronze level innovator status in April 2021, progressing through Silver to achieve Gold Level Innovator status as their product enters the market in August 2021.
Regtick began their innovation journey by thinking through the problems that were facing fintech and banking specifically. Gerry Murtagh worked at the C-suite level in various financial institutions leading large-scale, complex digital and regulatory transformation projects. The obstacles he encountered while working on these projects provided inspiration for his RegTick platform. He developed the concept of Regtick with Gary Lyons now CEO who has a legal and compliance background.
The team won Proof of Concept funding to research and validate their idea from Techstart, a local venture capitalist. They found a solution that best met the challenges that large businesses undergoing regulatory change faced such as managing data across multiple teams, locations, and systems and responding to many regulators, stakeholders, and clients.
In January 2021, they applied to Invest NI for an Innovation Voucher to audit and improve the platform’s interface and upon completion of the voucher they were recognised as Bronze Level Innovators.
During the development phase, they also developed a prototype with Anaeko and tested it with prospective clients, using their detailed feedback to create a solution that responded to real-world needs and circumstances. This engagement also helped lay the groundwork for on-boarding clients.
At this stage, Innovate NI awarded Regtick with Silver Level Innovator recognition.
Regtick has now commercialised its product and signed its first paying customers and is a recognised Gold Level Innovator. They have a pipeline of new business which will help them realise significant growth in the next 18 months. In addition, their platform has been a finalist in various global technology competitions, further raising its profile.
Regtick found the Innovation Accreditation Programme and the Innovation Framework useful tools for driving their innovation journey. RegTick CEO Gary Lyons says, “The Silver Level Innovator award in particular was beneficial in establishing our credibility as we went to market and helping us secure a healthy customer pipeline well in to 2022”.
Are you working on an innovative idea in your business? Follow in the successful footsteps of RegTick and learn how Innovate NI can help you bring it to market. Get in touch.