Griffin is all set to integrate the compliance technology of Clausematch to draft and review the documents needed to process its application to FCA and PRA to get a license for its banking service goals. The compliance technology of Clausematch has empowered Griffin to manage this time-consuming and intricate procedure without hassles. Documents liable for licensing submitted to PRA and FCA must get the approval of board-level, and management-level committees indicating that policies are subject to iteration of board executives and members.
Griffin, a UK-based embedded finance and BaaS service provider is looking forward to become UK’s first platform bank with the help of Clausematch, a compliance technology provider in London. Griffin has been endeavoring all these years to make money-handling easy and allow companies to launch their financial products.
Rupert Whitten, Chief Operating Officer, Griffin, stated, “All of the materials we submit must go through a precise governance process. The regulators require applicants to demonstrate there has been robust challenge throughout the entire drafting process, and Clausematch gives us very clear and granular evidence that this happened and when. In particular, the versioning function is very useful. It provides a complete history of the document in the document itself. All the different versions are at the same link, in the same folder, and you know everyone is working on the correct material – it’s hugely helpful.”
Clausematch’s technology allowed Griffin to have a concrete platform added with reduced formatting options so that Griffin’s people remain organized once they start the process of application review.
Emma Kempton, VP of Customer Success, Clausematch, commented, “We’re delighted to be working with Griffin. Our relationship has been mutually beneficial as not only have we supported them in applying for their banking licence with our tooling, but also along the way the Clausematch product team learnt a great deal from the Griffin team, in terms of the requirements of an organisation at this stage of their journey. Griffin created their documents on our platform from scratch, and their feedback in terms of product features has been invaluable. We are looking forward to many more years of our collaboration.”