Cloud Native Accounting Solution
Operational efficiency holds substantial importance for ROYC due to its direct impact on maximizing returns and enhancing the value for investors. Private Market firms deal with vast amounts of data related to investment opportunities, portfolio management, due diligence, and performance evaluation. Efficient software solutions enable streamlined data management, analytics, and reporting, allowing for quicker and more informed decision-making.
In our quest to find the ideal private market software accounting solution to underpin and support operations, we embarked on a rigorous and comprehensive Request for Proposal (RFP) process. This thorough evaluation allowed us to assess various vendors, scrutinize their offerings,and delve into their technical capabilities to map out how ROYC can build on top of that a NextGen experience for our clients. After an exhaustive process,we are proud to announce that we have reached a definitive conclusion that not only aligns with our core mission but also stands to greatly benefit our clients.
The selected cloud native accounting software solution will serve as one of our cornerstones as we continue to develop our digital operations and will be a pivotal engine to our Investor Portal’s range of features, elevating its functionality and enhancing the overall user experience. Our diligent RFP process underscores our unwavering commitment to making fact-based and strategic decisions that prioritize the needs of our clients, while reinforcing our dedication to transparency and excellence in everything that we do, as we are building for the long-term.
Digital onboarding and the EBA guidelines
Digital onboarding is the process of opening a financial services account online, without the need for physical presence. The European Banking Authority (EBA) has recently published guidelines on the use of remote customer onboarding solutions. These guidelines set out the steps credit and financial institutions should take to ensure safe and effective remote customer onboarding practices in line with applicable anti-money laundering and countering the financing of terrorism (AML/CFT) legislation and the EU’s data protection framework.
While the EBA guidelines on remote customer onboarding solutions are aimed at credit and financial institutions, a streamlined process across Europe will be beneficial for customers as well. The guidelines establish common EU standards on the implementation of sound, risk-sensitive initial customer due diligence. They are technologically neutral and do not prioritize the use of one tool over another.
Partnerships
ROYC has chosen to work with a few selected partners; experts on providing tools for remote identification and verification of customers. These solutions together with in-house solutions use a variety of technologies such as biometrics, document recognition, and one-time passcodes to verify the identity of customers without them having to physically visit the business. We follow the legislation closely to make sure we are following the standards and regulations while offering a smooth customer experience.
In addition, cybersecurity is a critical aspect of the digital onboarding process. ROYC has since day 1 implemented military-grade cybersecurity controls throughout the onboarding process to mitigate threats and attacks.
Our mission is to provide a smooth and highly secure journey for end-users.
