Vantage Bank Enlists Cable for Integrated Banking Compliance Solution – Finovate

Texas-based Vantage Bank announced this week it has tapped financial risk control platform Cable to facilitate the bank’s compliance and risk management program.

This partnership comes as Vantage Bank seeks to grow its fintech program and partnerships in today’s tightened regulatory environment. In recent years, there have been multiple banks offering embedded banking that have faced regulatory action over their offerings.

Given this heightened oversight, Vantage Bank has enhanced its compliance program by engaging with embedded banking experts to ensure it meets current standards. The bank said that it chose Cable because it offered an all-in-one tool to help firms keep up with evolving regulatory requirements in the U.S.

“Embedded Banking is under intense scrutiny from regulators,” said Cable CEO Natasha Vernier. “Vantage Bank is incredibly smart to get ahead of that scrutiny by building a best-in-class compliance program right at the outset. We are delighted that they chose Cable as part of that program, and we are excited to work with them and learn from them over the coming years.”

U.K.-based Cable was founded in 2020 to offer a financial risk control platform with automated effectiveness testing and real-time alerts that help clients manage, track, and have full oversight of the controls. The company’s initial value proposition was to help firms manage financial crime. Since then, Cable has doubled down on helping partner banks, including Axiom Bank, Quaint Oak Bank, and Griffin, manage their fintech programs. Last November, Cable unveiled Transaction Assurance, a new tool to automate effectiveness testing and ensure that all transactions are monitored and tested for potential regulatory breaches or control failures.

“Vantage believes there is tremendous opportunity to grow and diversify our customer base by leveraging embedded banking,” said Vantage Bank President and CEO Jeff Sinnott. “This opportunity requires that we have a robust risk management program and strong controls to ensure regulatory compliance. Vantage Bank believes Cable is the best platform to help manage our risk and compliance for our embedded banking program.”

Vernier, along with Cable’s Sales Lead Julian Brophy, demoed the company’s technology at FinovateFall 2022 in New York. The company started the year by launching a new integration option with identity risk management platform Alloy. The move allows Cable to seamlessly retrieve essential data from Alloy that feeds into Cable’s effectiveness testing checks.

Photo by Markus Winkler

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Conclusion:

As Vantage Bank partners with Cable to enhance its compliance and risk management program, the focus on embedded banking and regulatory compliance becomes paramount. By staying ahead of regulatory scrutiny and implementing best-in-class compliance measures, Vantage Bank demonstrates a proactive approach to navigating today’s regulatory environment.

Cable’s expertise in financial risk control and its suite of tools, including Transaction Assurance, provide Vantage Bank with the necessary resources to manage risks effectively and ensure regulatory compliance in its embedded banking program. By leveraging Cable’s platform, Vantage Bank aims to grow and diversify its customer base while maintaining strong controls to mitigate potential regulatory breaches.

Through collaboration and innovation, Vantage Bank and Cable showcase a commitment to excellence in compliance and risk management, setting a standard for other financial institutions to follow in the evolving landscape of embedded banking partnerships.