Created one year ago in Luxembourg, Luxembourgish startup algoreg is now made up of sixteen compliancy experts. “Compliance is our DNA,” said Jean-Pierre Bitton, an algoreg founder.
(Featured Image: Jean-Pierre Bitton, cofounder of algoreg / Image Credit © Lux Future Lab)
An integrated solution for everyday risk management
algoreg is an on-boarding solution that provides thorough, automated management of regulatory processes governing bank clients, and is applicable for credit institutions, insurance companies, online payment platforms, gaming platforms, and in general any regulated enterprises. The best part? The entire user experience works through one single tool. algoreg strives to be a quick and simple solution that’s easy to use.
“The solution came to fruition from the minds of people actively involved in payment compliance, professionals with over fifteen years of experience. At algoreg, each employee has a thorough comprehension of the regulatory market,” explained Mr. Bitton. “Our clients can rest assured that the people in front of them have a deep understanding of their needs. More concretely, we created three standards for ourselves at algoreg: understand, anticipate, respond.”
“Daily risk management is essential for our clients”
Also, contrary to what can be found on the market today, algoreg provides complete case management from the moment we open an account until the moment it closes. “algoreg is a true integrated modular solution that encompasses all phases of the client relation cycle, including on-boarding, account creation, and most importantly, supervision of everyday risk.
Client benefits don’t stop at the moment of signature. On the contrary, algoreg’s user can actively verify and receive notifications of any changes concerning their clients on a daily basis. “Daily risk management is essential for our clients,” specified the co-founder. What’s more, the on-boarding function is available 24/7 in over 100 languages.
Compliance process simplification step by step
The first step for any regulated stakeholder is to identify his/her future clients. With algoreg, the process is simple. Gone are burdensome client paperwork, meeting, and constant verifications, all of which can often be long and sometimes random. algoreg automates the entire process. “We want to create the simplest client experience possible by capitalizing on speech recognition. And we want to do this without human intervention to eliminate human error.”
“algoreg simplifies establishment compliance rollout but does in no way substitute those who take the final decision to accept or reject a client”
The steps are simple and, above all, fast. The client must first go through a video-bot filming session and ‘interrogation.’ The bot also takes a picture from an identity card. The comparison between the video and the identity card photo will eliminate any risk of false registration. Second, the client will respond to several identity questions automatically created by the robot. These questions will be defined by the establishment in function with its requirements. Once the client accomplishes these tasks, the robot sends a global score to the establishment, whose reviewing team can then assess the integrity of the potential client. If everything is in order, the account opens immediately. If not, the establishment retains the power to decide next steps. algoreg simplifies establishment compliance rollout but does in no way substitute those who take the final decision to accept or reject a client,” added Jean-Pierre Bitton.
1 Million dollars raised and a promising future
With 1 million dollars raised as of March 1st, algoreg is ready to continue perfecting its solutions. Luxembourgish investors and other investing institutions participated in the fund raising efforts accomplished to date. “The algoreg system, which is already commercialized, was recognized for its premium quality by many market professionals. This recognition is essential for us. We have to continue to listen to our stakeholders’ needs, to remain credible, and above all execute perfectly. In order to do so, we count on our team. The team at algoreg has the honest desire and talents to take Algored very, very far,” expressed Jean-Pierre Bitton through an enthusiastic tone.
With clients and prospective clients in Europe as well as prospective clients in China and the United States, the algoreg team is confident about the future. “It’s interesting to note that even non-regulated actors are interested in our product. These people want to better understand their clients and avoid all risk—mainly with regard to their reputation—and algoreg responds to this demand,” explained a fonder. Some e-commerce companies have also expressed interest for the Luxembourgish software.
The team still needs to grow in the coming months by recruiting the best skills to improve the product. “Our clients have specific needs, and we need a reactive and highly skilled team in order to deliver requested changes quickly. Above all, we want to show our clients how efficient our technology can be,” he concluded.