There has been a growing trend in compliance technology the last few years with regtech hackathons or as the UK calls them tech sprints; the events bring together data scientists, developers, banks, tech companies and regulatory agencies to write code together and crowdsource solutions; “This was a unique opportunity to bridge the gap between agencies and industry participants and foster a partnership that can ensure a more sound regulatory structure as fintech evolves,” said Uriel Ashe, SVP of Engineering and Infrastructure at Cross River Bank, to American Banker; the events give the various participants a chance to test new tools to ensure that regulators are comfortable with how the technology is used and that is safe for the financial system; “The thing that’s kind of exciting about this is that at the end of it, they don’t just have a white paper,” Jo Ann Barefoot said to American Banker. “They have actually written code that they can download and they can say, here is the start of a solution to a problem.” American Banker
