Treasury Prime , an embedded banking software firm has introduced Kobalt Labs , an AI-driven copilot for risk and compliance to the Partner Marketplace. More details about the partnership capabilities Banks within Treasury Prime’s network have the option to use Kobalt Labs in order to improve their third-party diligence processes with the help of AI.

This includes the ability to simplify legal, compliance, and information security diligence into a single platform for efficiency. Kobalt Labs offers advancements to the entire third-party diligence process for banks and fintech companies. The platform complies with all existing financial regulations, regulatory guidance, and security standards, allowing for quick validation of external documentation for compliance.

Moreover, it integrates with business intelligence resources to provide insights on beneficial ownership, financial background, and negative news, as well as recent legal actions and enforcement measures. Treasury Prime officials have mentioned that compliance expenses are a significant consideration for banks when assessing the costs associated with embedded banking. They have stated that by partnering with Kobalt Labs, they are assisting their bank clients in gaining access to additional tools for third-party risk management compliance as they expand their BaaS initiatives.

Kobalt Labs representatives have announced that their platform has been shown, through initial benchmarking, to increase internal diligence capacity by more than four times, expand real-time regulatory coverage, and correspond with the evidence required during audits. Collaborating with Treasury Prime signifies a step in making this technology available to a wider range of banks and fintech companies. This collaboration authorises them to upgrade diligence, reduce compliance expenses, and consistently maintain compliance with evolving regulations.

Additional features within the Kobalt Labs platform include an infosec module that extracts pertinent security details and recommends the next steps for a more efficient review process. Moreover, it integrates a legal module that promptly detects absent clauses and risky language in contracts. An advisor at Kobalt Labs expressed that Kobalt speeds up manual tasks and reduces the time needed to meet evolving regulatory requirements.

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