Moneycatcha wins Compliance Innovator of the Year Award

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WA’s own fintech startup Moneycatcha has won the Compliance Innovator of the Year Award 2018 at the Fintech Business Awards.

Fresh from her win at the recent 40under40 Awards, Moneycatcha’s Ruth Hatherley has has her fintech startup recognised for its Regchain risk review tool. Announced at last Thursday’s gala awards dinner in Sydney, Moneycatcha was one of 20 award winners on the night.

Billed as being ‘crucial’ for financial institutions in complying with and reporting to regulatory bodies, Regchain’s developers claim it is a world first best practise solution that:

  • has the ability to consume data from multiple internal systems to create a single data repository
  • is an immutable audit record of loan transactions and changes to critical finance data
  • provides financial institutions with a dynamic, evergreen view of the performance of the loans in their portfolio and reports on any movements beyond their risk appetite
  • is a single tool to be used across internal risk, pricing and compliance divisions
  • has reporting capability for both internal divisions and external regulators such as APRA & ASIC
  • has proven market viability within the Australian finance industry

Fintech Business managing editor Aleks Vickovich said, “the winners of the Fintech Business Awards 2018 represent the very best innovation in the burgeoning Australian fintech community”.

“We congratulate Moneycatcha and look forward to working with them to continue writing a positive story about the finance sector – one that puts innovation and the consumer at the centre,” Mr Vickovich said.

Moneycatcha has developed a bespoke blockchain platform that operates on ‘permission based principals’, enabling, its proponents say, is “the most secure, protected and efficient transactions in the finance industry”. The platform has been developed, and is being hosted and supported in Australia.

As well as building products that assist financial institutions with their current challenges, Moneycatcha says they have built a platform to integrate and communicate with the whole mortgage ecosystem.

Their digital platforms, Homechain and Regchain, deliver “world first solutions” for the mortgage origination and risk review processes for any financial institution.

Moneycatcha CEO and founder Ruth Hatherley said the recognition was timely with regulators sending financial institutions a clear message that accountability, verifiability and transparency within the sector was inadequate.

“With financial institutions facing tighter reporting regimes, platform refreshes and new legislation, the time is right for them to consider implementing Regchain to address all the regulatory needs in a secure and efficient manner,” Ms Hatherley said.

In 2018 alone, it has been estimated that financial institutions will have to grapple with the Banking Executive Accountability Regime (BEAR), Economics & Financial Statistics (EFS), Direct 2 APRA replacement and Notifiable Data Breaches (NDB) scheme under Part IIIC of the Privacy Act 1988 (Privacy Act).

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MAIN PHOTO: Melanie Jumeau (COO), Ruth Hatherley (CEO) and Jay Rowland (Head of Strategic Implementation) of Moneycatcha.