US-based embedded banking software company Treasury Prime has added Kobalt Labs, an AI-powered copilot for risk and compliance teams, to its Treasury Prime Partner Marketplace.
Treasury Prime’s marketplace offers a wide range of auxiliary services, customised to meet the diverse needs of bank-fintech partnerships.
With the addition of Kobalt Labs, the banks in Treasury Prime’s network can now use Kobalt Labs to better manage their third-party diligence with AI.
The integration provides the network banks with the ability to simplify legal, compliance and infosec diligence in a unified platform.
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 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 provides third-party diligence for banks and fintechs, through its platform synchronised with every financial regulation, regulatory guidance, and security standard.
The platform can conduct comprehensive checks on any external documentation against these regulations within minutes.
It can automatically integrate with business intelligence sources and provides details on beneficial ownership, financing history, negative news, and recent lawsuits and enforcement actions.
Kobalt Labs’ platform also offers an infosec module that extracts relevant security information and suggests relevant next steps to streamline review.
In addition, the platform is equipped with a legal module that immediately identifies missing clauses and risky language in agreements.
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 the 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.”
Kobalt Labs advisor Sarah Mirsky-Terranova said: “Kobalt accelerates my manual workflow and reduces the time to meet ever-changing regulatory obligations.”
