Fintech to join seventh cohort to share BSA/AML compliance suite with community banks
AUSTIN, TX, May 13th, 2024 — RiskScout, a modern commercial BSA/AML platform
used to streamline emerging market businesses for financial institutions, announced today its selection to the Independent Community Bankers of America®’s (ICBA) ThinkTECH Accelerator Program, which kicks off May 19 at the ICBA Center for Innovation in Atlanta.
The selected companies are focused on supporting several top areas critical for today’s community bankers, including onboarding, analytics, automation, and compliance. The second of two accelerator programs planned for 2024, these solutions will provide vital support for community banks nationwide.
“As a leading presence in the global financial services market, we are thrilled to participate in the ICBA ThinkTECH Accelerator, a vital source of community banking innovation since 2019,” said Justin Fischer, CEO and Co-Founder of RiskScout. "As a team of former BSA Officers and regulators, we're excited to provide a simple, effective, automated, and affordable BSA system in a time where financial crimes are growing rapidly, often impacting the most vulnerable people in our local communities."
RiskScout’s cloud-based software streamlines processes, enabling community banks to enhance their service to underbanked businesses and grow their impact by assisting community bankers with complex financial crime alerts and investigations. With robust features like transaction monitoring, risk scoring, case management, regulatory filing, and reporting joining their existing solution for due diligence and KYC, community banks can reduce their compliance burden from one easy-to-use system.
Since its inception, the ICBA ThinkTECH Accelerator program has connected the most innovative, cutting-edge fintech companies in the world with more than 1,400 community bankers and industry leaders — identifying and designing workable solutions that solve for today’s modern banking needs.
Participants receive mentorship from a distinguished network of industry stakeholders through an immersive 10-week bootcamp and present their refined offerings to community bank executives during a live demo later this summer.
“We are excited to have RiskScout join us as a member of our latest ThinkTECH accelerator cohort,” ICBA Executive Vice President and Chief Innovation Officer Charles Potts said. “Outdated back-office processes and inefficiencies remains a challenge for many community bankers, costing them valuable resources. Technologies that that solve these problems while also easing compliance burdens can help them thrive and deliver better customer experiences.”
For more information about RiskScout, visit www.riskscout.com. For more information about the ICBA ThinkTECH Accelerator, visit www.icba.org/accelerator.
About RiskScout
RiskScout is a team of former bank examiners, BSA professionals, and fintech developers helping financial institutions grow and be more efficient and profitable. Through a full BSA/AML suite and specialized market tools, RiskScout's solutions increase revenue and decrease compliance costs by unlocking new deposit streams and automating compliance workflows. For more information, visit riskscout.com.
About ICBA
The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.
As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.
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