What is EMTECH's Beyond Compliance?

Explore EMTECH's Beyond Compliance features and capabilities here!

EMTECH's Beyond Compliance is an innovative regulatory compliance management software solution aimed at simplifying and enhancing the compliance management experience for organizations. As part of the EMTECH Beyond Suite, this module provides a robust array of features tailored to assist Financial Service Providers (FSPs) in efficiently managing their licensing and regulatory obligations. Beyond Compliance is specifically designed to reduce the labor costs associated with manual compliance documentation and to streamline the often intricate compliance processes.

1. How does Beyond Compliance help? 

   
   Effective regulatory compliance management is vital for organizations, as it ensures adherence to applicable laws and regulations, thereby reducing legal and financial risks while improving operational efficiency. By digitizing compliance processes and simplifying monitoring and reporting, Beyond Compliance enhances audit readiness and supports informed strategic decision-making. This solution empowers organizations to stay up-to-date with changing regulations, allowing for optimal resource utilization and effective cost management.
   
   

2. Who can benefit from using Beyond Compliance?

   The Beyond Compliance product greatly enhances the efficiency of compliance teams by digitizing and streamlining their processes, which reduces the reliance on labor-intensive, paper-based methods. It serves teams across diverse industries by simplifying the tracking, reporting, and documentation of compliance requirements. This improved efficiency not only decreases manual work and administrative burdens but also boosts accuracy and responsiveness, enabling teams to concentrate on strategic compliance management instead of getting bogged down by cumbersome paperwork.

3. What are the features available on the  Beyond Compliance platform? 

   Beyond Compliance provides an extensive array of features to assist organizations in effectively managing and fulfilling their regulatory compliance obligations. Key features include:

   a. Onboarding & Compliance Framework Configuration:  This feature allows users to seamlessly select their relevant regulator and the compliance frameworks that apply to their specific license category during the onboarding process, to set up their licensing framework on the platform, to get started.

   b. Compliance Dashboard: The Compliance Dashboard offers a consolidated view of your compliance status, delivering real-time updates on the status of individual requirements, a comprehensive overview of overall completion rates, and user-specific insights.

   c. Requirements Manager: The Requirements Manager enables users to systematically monitor and manage regulatory requirements across one or multiple jurisdictions. It also offers the capability to designate certain requirements as “out of scope” for your organization or product.

   d. Task Management: Designed to enhance organization and oversight of compliance-related tasks, the Task Management feature promotes collaboration by allowing users to assign tasks to team members, set deadlines, and attach necessary evidence and templates required for compliance.

4. How does Beyond Compliance help with regulatory compliance?

   
   Beyond Compliance supports regulatory compliance by digitizing and centralizing the management and tracking of compliance requirements. The platform features a dashboard that offers real-time updates on compliance status, along with notifications and alerts to help manage tasks related to due dates and deadlines. This ensures that compliance teams can meet their obligations promptly. By reducing the risk of non-compliance and minimizing manual effort, Beyond Compliance enhances accuracy, allowing organizations to consistently adhere to regulations and quickly resolve any compliance challenges that may arise. 
   
   

5. What Licensing frameworks are available in Beyond Compliance?

   
   The current platform includes frameworks for Payment Licensing compliance requirements specific to Nigeria (regulated by the Central Bank of Nigeria) and Ghana (regulated by the Bank of Ghana). These frameworks encompass all license categories associated with Payment Licenses. We are actively working on expanding our offerings to include additional frameworks for other West African countries and the Caribbean, which will be available soon.
   
   

6. What License types and License categories are available on Beyond Compliance? 

   The platform offers a variety of License categories under the "Payments" license type for both Ghana and Nigeria.
   
   

   Country: Ghana 

   Regulator: Bank of Ghana 

   License type: Payments 

   License Categories: 

   • Dedicated Electronic Money Issuers (DEMI)
   • Payment Service Provider (Enhanced) 
   • Payment Service Provider (Scheme) 
   • Payment Service Provider (Medium) 
   • Payment Service Provider (Standard)
   • Payment and Financial Technology Service Provider (PFTSP)
   
   

   Country: Nigeria

   Regulator: Central Bank of Nigeria 

   License type: Payments 

   License Categories: 

   • Mobile Money Operation (MMO)
   • Payment Service Bank 
   • Payment Solution Service (PSS)
   • Payment Solution Service Provider (PSSP)
   • Payment Terminal Service Provider (PTSP)
   • Super Agent License
   • Switching and Processing

7. How can I subscribe to the Beyond Compliance plan on the platform? 

   To subscribe to a plan, follow the steps below: 

   1. Sign into https://app.emtech.com 
   2. On the Home page, navigate to Billing and select the Manage Plans tab
   3. Select Compliance Billing to view the available billing plans. 
   4. You can select to pay Quarterly or Yearly for each plan, as per your convenience. 
   5. Click on Select Plan and proceed to the payment page to complete your payment.