Product: Horizon Scanning
Company: VIXIO Regulatory Intelligence
VIXIO Regulatory Intelligence, a regulatory and business intelligence provider to global payments and gambling businesses, launched Horizon Scanning, an SaaS solution designed to provide real-time intelligence to payments compliance professionals. Roseanne Spagnuolo, VIXIO chief content officer, described Horizon Scanning as a three-pronged solution that provides in-depth coverage, regulatory trend analysis and reporting capabilities.
"The payments industry continues to evolve and be disrupted by new technologies and business models, reducing friction and creating new customer experiences," she said. "Risks are also emerging due to tough market conditions, rising fraud and pressures on firms to grow quickly." Spagnuolo further noted that in response to these changes, regulators are vigorously enforcing privacy laws to protect consumers. VIXIO, she said, developed Horizon Scanning to empower clients to systematically manage regulatory change and safeguard their businesses and customers from non-compliance penalties and exposure.
By offering three main use cases within its payments compliance framework, Horizon Scanning provides comprehensive protection and real-time monitoring to keep companies in sync with global regulations. The company summarized the services as follows:
In addition to these compliance tools, VIXIO provides analysts to assess, analyze and distill key regulatory events to provide actionable insights. With increasing volume of regulatory change creating noise in the system, Horizon Scanning successfully filtered out irrelevant data, demonstrating that in the first half of 2022, only 978 of the 300,000 regulatory events tracked were relevant to payments. Of the pertinent events identified, analysts noted that only 200, or 0.32 percent, were actionable.
Apart from the significant time saving that Horizon Scanning affords compliance teams, the company stated, the service also provides the benefit of customization, which ensures that data points fit within client requirements and is tailored appropriately according to each enterprise and its unique perspective of the global regulatory landscape. Complementing this core requirement, the solution acts as a training tool to help teams approach different jurisdictions and regulations within their specific roles.
VIXIO's 2023 Payment Compliance Outlook surveyed 202 senior compliance executives in the United States, UK, Germany and Brazil, and reported a worldwide shift to regulatory priorities following Russia's invasion of Ukraine, which led to firms being forced to act on short notice to remain compliant, researchers noted. "Some firms, including Visa and Mastercard, even took the option to de-risk from Russia entirely, abandoning the Russian market weeks after the invasion and each losing 4 percent of estimated revenue," researchers wrote.
As firms strive to balance rising competition and a worsening economy with growth and opportunity, compliance teams bear the load. However, VIXIO researchers noted that firms are harnessing new, alternative payment schemes, both organically and by acquisition, to increase revenue, resolve compliance and security issues and protect customers. VIXIO Regulatory Intelligence, with offices in London and Washington, D.C., provides intelligent solutions to help enterprises navigate complex regulatory frameworks and manage compliance risk, while analyzing and pursuing new opportunities in fast, volatile markets.
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