Member Article

Ireland unlocks UK Financial Services growth in new regulatory landscapes

Irish firm, Solgari, set to make 100 UK companies MiFID II compliant in under six months

Solgari, the leading Irish cloud business communications specialist is enabling UK FinTech and Financial Services companies to fast-track compliance ahead of MiFID II implementation. Driving forward this evolution pre 2018, Solgari is providing an innovative and integrated cloud software platform to unify communications, seamlessly addressing compliance regarding call recording and voice verification but also reducing costs – unlocking the industry’s growth potential.

At a time when only 10% of firms are ready to tackle MiFID II reporting[1], Solgari is seeing increasing demand for guidance and implementation due to concern non-compliance will leave the industry open to hefty penalties. Projected to make over 100 UK FinTech and Financial Services companies compliant in only six months[2], Solgari entered the UK market with support from Irish government agency Enterprise Ireland – ensuring the UK finance sector will meet compliance deadlines in time while helping satisfy the compliance requirements not only for Article 16 (7) MiFID II[3], which deals with the recording of all client calls, including through mobile devices, but a whole host of other regulations including GDPR.

A pivotal link in the application of these compliance solutions to the UK in line with this increased need, Enterprise Ireland is facilitating and strengthening ties for Irish companies within the UK through investment, supporting R&D, management development and training.

Ireland has a particularly strong financial services sector with 250 of the world’s leading financial services firms having international operations within the country[4]. As an extension to this, clients within this sector in Ireland export to more than 100 countries, with exports reaching £1.6 billion[5] – emphasising the global demand for high-level Irish skills in this area.

With its UK client base of 17 companies and operating in 32 countries throughout the world, Solgari is aiming to generate a 50% cost reduction for each of its clients as they forego multiple hardware, software and carrier vendors. In addition to this their communications will benefit from military grade standards with a 1024bit encryption to safeguard recorded call data against cyber-attacks.

Edward Grant, Chief Financial Officer at Solgari, said: “With Solgari’s robust technology and integrated cloud platform, we have ensured that UK financial services companies are and will continue to be brought to the next level in terms of compliance communications. At such an exciting and complex time for the financial services industry, we are excited to strengthen our UK presence with the support of Enterprise Ireland”.

Conor Ryan, Senior Market Adviser for Financial Services at Enterprise Ireland, commented: “With the onset of MiFID II expected to have a major impact on investment management throughout the European Union, financial services companies are opening up to new solutions and adapting in the process. Solutions providers like Solgari can provide a seamless transition to this new compliance landscape. We’re looking forward to introducing ties and strengthening existing ones between the UK and Ireland”.

Enterprise Ireland already works with a number of Irish clients within the compliance area and which are having an impact on the UK compliance landscape. These include Fenergo, a provider of client lifecycle management solutions for financial institutions, Corlytics, a world leader in regulatory risk intelligence and Corvil, a network data analytics company.

This was posted in Bdaily's Members' News section by Solgari .