CT-CaseStudy
FCA Finance and Insurance Compliance Application
About Client
ComplianceTrak, United Kingdom, is a FinTech company providing a SaaS platform to manage FCA Finance and Insurance Compliance for the Automotive dealers in the UK.
Requirement
We have been working with this client for many years, helping with one of his ColdFusion projects. Being a finance expert within the UK automotive industry, he has experienced the pain of managing the FCA compliance by himself. This led him to think of developing an easy, intuitive and effective fintech company application to manage the finance and insurance compliance process for automotive dealers in the UK. He shared the idea with us and provided a detailed requirement specification. As a result, ComplianceTrak is now used by new and used car dealers in the UK.Many car dealers in the UK are still using paper or excel sheets to maintain their FCA compliance, which is very cumbersome and time-consuming for them to capture data, file it and retrieve it for audit or other purposes. Moreover, the manual processes are error-prone and thus risky too. Any non-compliance can invite huge penalties from the regulator.
Solution
Our suggestion was to implement a cloud-hosted secure workflow system that eliminates the paper and excel sheets entirely. The compliance application is built using PHP Yii 2.0 and MySQL. The SaaS solution is hosted in Amazon AWS and uses EC2, S3, SES, RDS etc.
Result
Conclusion
SaaS-based solutions can replace many age-old practices. These services can help improve productivity and efficiency. ComplianceTrak is very cost-effective too.
Location
ComplianceTrak Ltd,
United Kingdom
Industry
FinTech/ Compliance /
Finance / Insurance
Function
Automotive Finance and Insurance Compliance
Technologies Used
If you wish to eliminate your cumbersome paper or excel sheet-based practices, please share your pain points with us. Then, maybe, we can come up with a better and more cost-effective solution for you.