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Apiax

RegTech for Financial Institutions
Apiax composite dashboard image

Apiax is a regtech company that builds a lean yet comprehensive solution to transform Banking’s complex regulatory landscape into digital and centralized rules and to manage the full lifecycle of digital regulations.

Industry

Fintech, Regtech

Project Duration

1 year

Location

Switzerland

Funding Raised

$8.1M

Clutch Review

5

Awards
Top European Fintech Startups To Follow
Problem

Financial institutions face mounting pressure from regulators.

The ever-growing list of industry regulations is met with inconsistent interpretation and implementation across jurisdictions. This wave of regulatory challenges leads to surging costs, increased business risks and a deceleration in innovation.

Solution
A tech-enabled approach to digest compliance data

Apiax breaks down the regulation (financial, fiscal, data protection) into machine-readable compliance rules that can be implemented through an API into existing technology stacks, offering advice to front office roles inside banks.

Results

An award-winning startup that’s gone on to raise millions

Since working with us, Apiax has gone on to win a range of startup awards, raised over eight million dollars and increased their team to over 75 people across five offices worldwide

About the Client
Founder & CEO, Philip Schoch

Philip started his journey into tech over two decades ago as a software developer.

In 2004, he moved into financial services, driving financial transformation with some of the most prominent financial institutions in the world, like UBS Financial Services & Appway, part of FNZ – one of the world’s largest growth platforms.

This deep expertise and experience positioned him perfectly to found Apiax in 2017.

Since launch, Apiax has gone from strength to strength, raising millions of dollars and winning a number of startup awards in the process, such as The Early Stage Startup of the Year and The Digital Finance Innovation Award.

01
The Challenges
Creating Value for All Personas
Different stakeholders have to interact with different modules of the app: Lawyers and compliance specialists have to interpret the regulation and translate it into binary rules. Compliance specialists inside the institutions should be able to override the interpretation whenever this clashes with internal procedures or values. Front office bankers that consume the digital rules and get advice on how to proceed regarding a certain deal.
Complex UX Scenario
Presence of a set of constraints and rules that have a great impact on the UX. Therefore, we had to find a natural flux that does not require extensive guidance for the users of the application
02
The Process
Product Scope
We focused on the business vision and created a comprehensive brief for the project by gathering all the research on the market, competitor benchmarks and any other necessary information. Then we met with the Philip and his team in an immersive session to craft a value proposition and set the main assumptions to prove. Finally, we created the ultimate list of user stories and features necessary to prove those main assumptions within the MVP.
Product Rationale and Tech Scope
After an immersive session with all the stakeholders, we had all the information we needed to create the ultimate list of User Stories and features necessary to prove the main assumptions in a Proof of Concept (POC). Our experts in Product, UX/UI and Tech Architecture focused on finding the answers to all of the questions raised throughout the scope preparation. On the tech side we elaborated a memorandum tackling our suggested approaches for tech stack selection, database technology and orchestration.
Clickable Prototype
We developed a non-functional prototype to simulate user interaction. The experience of using the clickable prototype was very much like the final product itself, this was the adequate phase to test the information architecture, the UX and most importantly to present all involved counterparts a concrete outcome.
Full Development
With the decisions closed in the previous steps, we went on developing the product through agile cycles.
03
Key Features
View
Get immediate and easy access to clear yes-or-no answers to your most pressing regulatory questions in wealth management, asset management and data protection. Get coverage of up to 90 jurisdictions and access the work of leading content providers that keep their regulatory content up-to-date and verified.
Customise
Digitalise your own regulatory expertise and customise it to your liking and risk appetite. Make use of our no-code digitalisation environment that allows you to turn your expertise into digital compliance rules. Making this knowledge easily accessible across even the most complicated organisations.
Collaborate
Work with colleagues and external specialists through Apiax’s collaboration module. Empower your compliance team with everything they need to collaborate on rule transformation and adaptation. Enabling them to work seamlessly with external regulatory specialists, including Apiax’s premium content partners.

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