Fidelity Unveils RegTech Platform Saifr

Fidelity Investments has launched a business called Saifr, a regulatory technology (RegTech) service that helps financial institutions create, review and approve public communications to mitigate brand, reputational and regulatory risk.

“Utilizing a set of proprietary Natural Language Processing (NLP) models trained on tens of millions of compliance-reviewed data records, Saifr offers two solutions, SaifrReview and SaifrScan, which foster greater collaboration between marketing and compliance teams to create compliant communications, faster,” Fidelity said in a news release Monday (Jan. 24).

SaifrReview, the company’s chief platform, assists in content creation, with a dashboard that allows for collaboration between marketing and compliance teams, along with approval management, tracking and assistance filing with regulators. It also provides “immediate risk scoring and disclosure detection during document creation, as well as suggestions before final sign-off,” Fidelity said.

SaifrScan is an API-as-a-Service tool that analyzes and scores communications — texts, images or video — and flags possible compliance risks.

The firm said these products offer “a human-machine dynamic,” with computers taking on monotonous compliance review tasks so that marketing and compliance teams can devote more time to creative and more complex details.

“Ensuring that marketing materials are compliant with various regulatory rules requires multiple touchpoints inside and outside an organization, including content creation, compliance feedback, revisions, e-mail and workflow hand-offs,” said Vall Herard, managing director of Saifr, Fidelity Labs. ”As a result, the process can be inefficient and create the opportunity for friction and risk.”

Learn more: Lenders Must Embrace Regulatory Tech To Comply With 1M State and Federal Banking Laws

PYMNTS looked at the challenges businesses, or in this case, lenders, face when dealing with regulatory compliance in an interview earlier this month with Rohin Tagra, founder of the regulatory compliance platform Azimuth GRC.

“You don’t have a chance — you know, a fair, realistic chance — of making sure you’re covered if you don’t have a systematic way of doing it,” Tagra told PYMNTS.