The collaboration aims to help financial institutions better manage an ever-growing list of regulatory requirements.
AI regulatory solutions provider Ascent announced this week a partnership with IBM to integrate its regulatory technology (RegTech) solutions into a single combined service.
Ascent’s AI-driven regulatory knowledge platform, which identifies regulatory obligations and rule changes, will now be available as part of IBM’s OpenPages with Watson solution.
SEE ALSO: IBM Unfurls Business Planning App in the Cloud
The collaboration aims to help financial institutions better manage an ever-growing list of regulatory requirements. By combining the workflow of both services, businesses will reduce the amount of time spent manually transferring regulatory information between systems.
IBM decided to partner with Ascent after the company’s proof of concept engagement with the Commonwealth Bank of Australia, in which IBM was a technology partner.
“The potential of this technology for the Bank and the financial services industry more broadly is exciting,” said Jasper Poos, Head of Governance and Assurance at Commonwealth Bank of Australia.
“We are pleased to launch this joint initiative with one of the world’s leading technology companies,” said Brian Clark, Ascent Founder & CEO.
“Ascent is designed to work with OpenPages in a powerful and complementary way. We are excited about the implications it will have for our clients in financial services and look forward to helping them dramatically reduce regulatory risks and costs going forward.”
The RegTech market is expected to see an annual growth rate of 20.3 percent, according to Markets and Markets, with a predicted market valuation of $16 billion by 2025.
“AI for business is only as good as the ecosystem around it. And our collaboration with Ascent on the CBA solution is a great example of bringing innovative technologies together with the purpose to help solve a growing challenge,” said David Marmer, Vice President, Offering Management, IBM RegTech.