BHG Financial has partnered with Cable to deploy automated financial crime assurance and testing capabilities in its compliance program. With this partnership, BHG Financial will integrate Cable’s financial crime effectiveness testing platform to enhance its financial crime compliance program with automated assurance and testing capabilities.

This step is aimed at further strengthening BHG Financial’s regulatory compliance and its commitment to leveraging the power of data, analytics, and technology. The press release highlights that with greater efficiency and insights across its business, BHG Financial will be able to grow faster and better deliver on its mission to offer solutions for business professionals, consumers, and financial institutions. About BHG Financial Based in the US, BHG Financial works in unsecured business and personal loans.

Since 2001, BHG has originated more than USD 16 billion in loan solutions for borrowers, which community and midsize banks can access via a loan delivery platform. About Cable Based in the UK, Cable helps BaaS banks achieve confidence in their financial crime regulatory compliance. Cable’s all-in-one financial crime effectiveness testing platform gives banks, fintechs, and crypto firms more trust in their financial crime regulatory compliance with a purpose-built suite of tools, including automated risk assessments, automated assurance, quality assurance, management information, reporting, and more.

In July 2023, Cable became a member of the Banking-as-a-Service Association to support the future of BaaS banking. According to the official press release, the BaaS Association represents more than 80% of current BaaS sponsor banks and has an important part to play in bringing together industry stakeholders to support, promote, and offer solutions to the BaaS industry safely and in compliance with current regulations. Also in July 2023, US-based Grasshopper Bank announced its partnership with Cable to improve its compliance capabilities.

Following this collaboration, Cable would offer its products to provide the bank with improved visibility and comprehensive compliance insights. Furthermore, it would use its automated assurance and testing capabilities within the financial institution’s BaaS platform. The bank will also leverage Cable’s platform to deploy automation and technology for financial crime assurance, oversight, and testing, which is set to improve its compliance and risk management offerings throughout its programme and in its BaaS service for fintech partners and collaborators.

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