Carmelle Cadet, the founder and chief executive officer of EMTECH, disclosed this on Thursday during an international press conference, saying,

“Today, we are thrilled celebrating a significant milestone, “Beyond Compliance“. Understanding the frustrations associated with managing regulatory compliance, we designed this comprehensive solution to empower FSPs. Beyond Compliance goes beyond traditional methods, offering a centralized platform that simplifies compliance and allows FSPs to dedicate resources to core business functions.”

Techeconomy gathered that some of the key features and benefits of EMTECH Beyond Compliance solutions include but not limited to effortless framework setup whereby users will be able to select their regulators and relevant frameworks based on their licensed category, track and manage all compliance obligations in a structured format, ensuring no requirement goes overlooked.

Others include collaborative task management to ensure timely completion of compliance activities, real-time compliance dashboard, modular design to adapts to different regulatory frameworks across various jurisdictions and API integration to seamlessly integrate with central bank APIs for effortless regulatory reporting.

Cadet reiterated EMTECH’s mission to empower financial institutions through innovative solutions.

Already, the company has successfully collaborated with the Bank of Ghana, in the implementation of the bank’s regulatory sandbox process.

This collaboration provided valuable insights into the challenges faced by Fintechs, particularly during the licensing process. ‘Beyond Compliance’ addresses the challenges faced by Fintechs,” the CEO said.

Continuing, Cadet emphasized the solution streamlines the licensing process, simplifies ongoing compliance management, and empowers Fintechs to navigate the dynamic regulatory landscape with confidence.

In her words:

“Traditionally, the licensing process for Fintechs has been a manual and cumbersome affair. Beyond Compliance automates many of these tasks, reduces the burden of paperwork, and ensures Fintechs meet all regulatory requirements before entering the market.”

She said EMTECH offers flexible pricing plans to suit the needs of organizations of all sizes, from small startups to large financial institutions. The company also provides a range of trials and demos, allowing potential customers to experience the transformative power of Beyond Compliance firsthand. She added thst the new innovation also offers comprehensive onboarding support and ongoing resources to ensure a smooth implementation process, with a dedicated team to address any user concerns.

Cadet encouraged FSPs to visit the company’s website to learn more about ‘Beyond Compliance’ and explore how it can revolutionize their approach to regulatory compliance.

While the initial focus is on FSPs, a question from a journalist prompted EMTECH to hint on future applications.

“We get this question all the time. Beyond Compliance reflects our belief that better compliance management is crucial across many regulated industries. While we are currently focused on supporting FSPs, we have plans to expand the solution’s capabilities to serve other sectors later this year”, the CEO said.

EMTECH provides solutions for Digital Currency regulatory compliance, development and management to help Central Banks and FinTechs build, run and manage their compliance processes.

EMTECH, an award-winning software company and first-of-its-kind Modern Central Banking Infrastructure provider, today announced the public release of its Central Bank Digital Currency (CBDC) Innovation Kit for fintechs and financial service providers looking to test new fintech solutions and business models with Central Bank Digital Currency.

With over 10 trillion of paper cash in circulation and over 93% of central banks exploring and piloting CBDCs introducing a digital version of cash, the CBDC Innovation Kit provides fintechs a set of tools with which to begin their discovery of the possibilities of a digital cash infrastructure.

Leveraging a public distributed ledger technology (Hedera Hashgraph) as a layer 1 protocol and ERC-20 standard for tokenization, EMTECH’s simulated token called “Beyond Cash” is used for the purpose of innovation projects with fintech ecosystems.

The CBDC Innovation Kit makes BYDC accessible via developer-friendly APIs for a “Bring Your Own App” ecosystem model and comes with pre-built dashboards for users as they run their tests. The APIs allow a fintech company to embed BYDC wallets via their app, test various types of transactions and pull wallet and transaction data from the ledger.

This is the company’s first CBDC offering to help Fintechs understand what’s in it for them with CBDC.

“We’re extremely proud to officially announce this flagship CBDC offering for fintechs. Our point of view has been consistent: enabling central banks to safely deploy their CBDC as a digital cash infrastructure, not just a software application can drive inclusion, interoperability and resilience by embracing the growing fintech ecosystems. From payments, savings to lending and investments, from rideshares to remittances. Imagine if the $10 trillion or more of paper cash floating in the world was issued digitally, used and accounted securely, in real time and seamlessly. Imagine what fintech apps could do for cash users,”

said Carmelle Cadet, EMTECH Founder and CEO.

“By creating a simulator with the generic name “Beyond Cash” and pre-built APIs ready to use, we bring modern central banking closer to fintechs and we help our central bank clients validate what’s possible as part of their exploration.”

“This is a first for EMTECH, and with a beta launch earlier this year, we saw the interest from fintechs who signed up for our Innovation Kit. Even without a live CBDC deployed, there’s a lot of capacity to build on fintech side as well. We are eager to help explore new possibilities with CBDCs coming down the pipe. Those who get ahead of the curve have much to gain,”

said Tunji Odumuboni, Executive Director, Africa at EMTECH.

CBDC is objectively a hot topic in finance today. There are many questions and theories on what CBDCs are and are not. In our design, we take seriously the concerns on privacy and controls. By launching this innovation kit, we believe we can help showcase how we’re designing for trust and adoption.

Once established, the industry can solve challenges for the billions of people out of the banking system such as, lack of access to capital and high cost of cross border payments. – Gbemi Munis, Director of Product at Product.

Despite their broad inclusion in Central Bank strategies, the impact of CBDC on economic and financial systems remains relatively unknown. Introducing them could present significant risks, such as issues with monetary policy transmission, efficient functionality of payment systems, and overall financial stability.

To reduce these variables, Central Banks must understand the implications of various CBDC configurations. CBDC’s Innovation Kit creates the opportunity for fintechs and other financial service providers to test those configurations in their own app much faster and with little to no risk.