Meet the Member: Fortia Financial Solutions
March 22, 2019
For our latest Meet the Member Feature, we spoke with Imène Chikhi, Marketing Analyst at Fortia Financial Solutions. Fortia recently joined the FACC-NY as a Corporate Member and we are pleased to welcome them to our community. Fortia Financial Solutions is a French, Paris based, Regtech company that provides disruptive solutions to solve complex regulatory issues, by automating and digitalizing all operational processes, dedicated to asset managers and depositary banks. Their solutions leverage smart data processing to rapidly detect the cause of noncompliance, thanks to proprietary Artificial Intelligence and Machine Learning algorithms.
Read on to learn more about their business:
FACC: One of the services provided by Fortia is AI and algorithmic empowered investment compliance management. It seems like AI is everywhere in 2019, permeating industries from finance to human resources and retail. More traditional or conservative investors could be wary of this “robotic” interaction when confiding very real assets to manage. How do you put clients at ease with the capabilities of this technology?
IC: The tests we conducted with our clients and prospects show that the AI algorithms we have developed reduce significantly the error rate of data and operational processes (to an approximate rate of 0.1%). For comparison, treatments that are produced manually or with traditional tools produce 15% to 20% of error rate.
When rigorously developed and trained, algorithms can lead to amazing results and performance. Indeed, the algorithms we build and deploy have real-time and advanced machine learning capabilities, thus gaining in performance and accuracy every day. For the players looking for lower costs, high risks reduction and significant improvement in term of performance, AI is a solution that is essential nowadays.
FACC: Fortia is based in Paris. France and the United States, or between any two countries or economic zones for that matter, have very different regulatory climates. How do you remain up to date on the laws to ensure that your clients are in compliance, or better yet, make smart investment decisions ahead of any anticipated changes to the laws?
IC: Our algorithms are trained to adjust to different regulations ensuring perfect adaptability, particularly when it comes to regulations applicable to the main worldwide financial markets.
The "regulatory watch" is also provided thanks to robots that automatically identify the new legal or contractual rules within the legal documents that are released. In that case, the monitoring and treatment of new rules are therefore ensured without any human intervention.
FACC: Fortia has invested heavily in R&D. Are any of your solutions proprietary and not offered by any other competitors in this space?
IC: Other international players have invested this domain but Fortia is the first firm to offer this kind of disruptive solutions based on cutting-edge technologies for a big client roaster.
FACC: How did you hear about the FACC and what do you hope to contribute to the network during your membership?
IC: We have heard about the FACC via Linkedin. We would like to contribute to the FACC life organization by participating in information and networking events and share back our experience with the large business community of members.
Interested in learning more about Fortia's services and connecting with their corporate members? Log into the FACC Member Directory.