Treasury Prime, an embedded banking software company, has announced the integration of Kobalt Labs into its partner marketplace.
This addition introduces Kobalt Labs, an artificial intelligence (AI)-powered tool designed to assist risk and compliance teams, providing a new option for banks within Treasury Prime’s network to manage third-party diligence more effectively using artificial intelligence. The platform offers a unified solution for legal, compliance, and information security diligence.
Treasury Prime partnerships head Kyle Costello 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 programmes.
“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 aims to modernise and enhance the third-party diligence process for banks and fintechs. The platform is aligned with all current financial regulations, regulatory guidance, and security standards, performing comprehensive checks on external documentation against these regulations within minutes.
Additionally, it integrates automatically with business intelligence sources to provide insights on beneficial ownership, financing history, negative news, and recent legal actions.
Kobalt Labs co-founder Kalyani Ramadurgam said: “Initial benchmarking shows that our platform boosts internal diligence capacity by over four 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 minimise their compliance costs, all while staying continuously compliant with evolving regulation.”
The Kobalt Labs platform also features an information security module that extracts relevant security details and suggests actions to streamline the review process, alongside a legal module that identifies missing clauses and risky language in agreements.
The inclusion of Kobalt Labs marks the latest addition to the Treasury Prime marketplace, which has recently welcomed other partners such as FS Vector, IntraFi, and Narmi.
