Treasury Prime, an embedded banking software company, announced the addition of Kobalt Labs, an AI-powered copilot for risk and compliance teams, to the Treasury Prime Partner Marketplace.
Banks in Treasury Prime’s network now have “the option to leverage Kobalt Labs to better manage their third party diligence with AI, including the ability to streamline legal, compliance and infosec diligence in one platform.”
Kyle Costello, Head of Partnerships at Treasury Prime, said:
“Compliance costs are a big consideration for banks as they weigh the investments associated with embedded banking. By partnering with Kobalt Labs, we’re enabling our bank clients to access new capabilities for third party risk management compliance as they scale their BaaS programs. Risk, compliance and infosec teams will now have a solution that auto-surfaces any gaps in vendor documentation and contracts, and keeps internal processes auto-compliant.”
Kobalt Labs modernizes and strengthens “the entire third party diligence flow for banks and fintechs.”
The platform is synchronized “with every existing financial regulation, regulatory guidance and security standard, and can conduct thorough checks on any external documentation against these regulations within minutes.”
The platform also automatically integrates “with business intelligence sources and surfaces details on beneficial ownership, financing history, negative news, and recent lawsuits and enforcement actions.”
Kalyani Ramadurgam, co-founder of Kobalt Labs:
“Initial benchmarking shows that our platform boosts internal diligence capacity by over 4 times, increases real-time regulatory coverage and aligns with evidence required during audit periods. Partnering with Treasury Prime is an exciting next step toward bringing this technology to more banks and fintechs so they can strengthen diligence and minimize their compliance costs, all while staying continuously compliant with evolving regulation.”
Additional capabilities within the Kobalt Labs platform “include an infosec module that extracts relevant security information and suggests relevant next steps to streamline review, as well as a legal module that instantly identifies missing clauses and risky language in agreements.”
Sarah Mirsky-Terranova, Kobalt Labs advisor and former Chief Compliance Officer at Synctera and POSaBIT.
“Kobalt accelerates my manual workflow and reduces the time to meet ever-changing regulatory obligations.”
Kobalt Labs marks the latest in a series “of new Treasury Prime marketplace partners this year including FS Vector, IntraFi and Narmi.”
As mentioned in the announcement, Treasury Prime is building “the future of finance.”
Through its cutting-edge embedded banking software, Treasury Prime facilitates seamless connections “between banks and enterprise partners, equipping them with everything they need to launch innovative financial products with a strong commitment to responsible practices.”
Beyond its core banking offerings, which “encompass accounts and payment infrastructure, Treasury Prime also provides a robust partner marketplace.”
This marketplace offers a wide range of “auxiliary services tailored to meet the diverse needs of bank-fintech partnerships.”