"Proper consideration can make regulations a significant facilitator"
Julia Quittek, the Co-Founder of Consalty, a RegTech company based in Germany, is on a mission to change the payment and banking sector. She believes that regulation doesn't have to be an innovation killer but can be a real enabler if it's well-thought-out and technology-driven.
Consalty focuses on simplifying the complexity of regulatory and operational risk management in financial services. Their unique approach leverages a data-driven, digitized method that brings quality, transparency, and control to clients. The company's mission is to make the financial services industry safer by using a combination of networked industry data, proprietary AI, and subject matter expertise to accelerate clients' maturity in operational risk and regulatory compliance.
Julia Quittek started her career in the pharmaceutical industry before moving into payments via management consulting. She is convinced that regulation should focus on customer benefit, support innovation, and technological progress. Consalty's end-to-end process design integrates the entire AML flow, from identification to risk monitoring, aiming to make financial regulation understandable and feasible for its customers.
KYC/KYB processes are often criticized for being complicated, error-prone, and expensive. Consalty's solutions aim to address these issues, providing a scalable and efficient AML process for financial institutions.
In her personal life, Julia Quittek enjoys sports such as CrossFit, trail running, and triathlons. She is also a proud owner of a French Bulldog named Lotti, who is the centre of her world. When it comes to payments, Julia prefers using a debit card for purchases at the supermarket checkout.
The European Union's AML regulation by 2027 is a significant step towards harmonization and more clarity in financial regulation. This regulation aligns with Consalty's goal of making financial regulation more accessible and manageable for its clients.
Payment & Banking, an independent economic hub, reports, researches, and analyzes the most important topics around payment, banking, fintech, crypto, and digital assets. The team at Payment & Banking is composed of founders, investors, consultants, and editors with the mission to provide deeper insights and actively shape the industry.
Julia Quittek does not express an opinion on whether fintechs are a big revolution or a small revolt in the payment and banking sector. However, she is a firm believer that regulation can enable innovation if it is user-centered, automated, and clearly designed.
[1] Source: Consalty's official website.
Payments and technology are pivotal components of Consalty's approach to simplifying regulatory and operational risk management in the financial services business. Julia Quittek, the company's Co-Founder, advocates for regulation that focuses on customer benefit, supports innovation, and technological progress, aligning with Consalty's aim to make financial regulation more accessible and manageable.
The European Union's AML regulation by 2027, aimed at harmonization and clarity in financial regulation, resonates with Consalty's mission and beliefs. This regulation, by fostering a user-centered, automated, and clearly designed regulatory environment, can serve as an enabler for innovation in the payment and banking sector.
