About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Datactics Moves into Iceland with Contract Win at Arion Bank

Subscribe to our newsletter

Datactics has won its first customer in Iceland, Arion Bank, which will use the company’s RegMetrics and Single Customer View data quality solutions to support an enterprise data management programme.

The bank selected Datactics after a competitive vendor selection process that included a technically demanding and tightly specified proof of concept across three departments, each of which depends on high quality data for business operations and regulatory reporting.

Höskuldur Hlynsson, data officer at Arion, says: “The Datactics team impressed us with its commitment to the exercise and the high quality of its tools. The integration with our systems and data sources, and capability to process large datasets, enables us to quickly identify data in breach of quality rules, including the rules of BCBS 239. In addition, Datactics demonstrated that it could match and standardise disparate datasets to support our anti-money laundering (AML) processes. We are also excited about the potential to automate a number of manual tasks, which would deliver efficiencies for our back-office teams.”

While Datactics RegMetrics will provide Arion Bank with support for compliance across BCBS 239, AML and some elements of IFRS9 regulation, the implementation of the company’s Single Customer View will help the bank get a single view of its customers. This can be cross-checked against Iceland’s national registry that includes all individuals who are permanently resident in Iceland and have a unique national identification number, or Kennitala.

Stuart Harvey, Datactics CEO, comments: “The banking sector is highly-regulated and has constant demands on its data. We’re seeing many of our clients in this sector provide us with evolving and developing requirements founded on data quality and remediation. Working with Arion has been a fantastic way to engage with a highly technical and highly capable team.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Hearing from the Experts: AI Governance Best Practices

The rapid spread of artificial intelligence in the financial industry presents data teams with novel challenges. AI’s ability to harvest and utilize vast amounts of data has raised concerns about the privacy and security of sensitive proprietary data and the ethical and legal use of external information. Robust data governance frameworks provide the guardrails needed...

BLOG

Complex Sanctions Environment Demands Powerful Screening Monitors: SIX Report

Sanctions screening technology has never been more important for financial institutions as new geopolitical and economic threats create the riskiest trading environment in recent history. That is the key finding of a new report, that highlights the need for greater resilience among organisations to the raised threat level faced by the global financial system. In...

EVENT

RegTech Summit New York

Now in its 9th year, the RegTech Summit in New York will bring together the RegTech ecosystem to explore how the North American capital markets financial industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

The DORA Implementation Playbook: A Practitioner’s Guide to Demonstrating Resilience Beyond the Deadline

The Digital Operational Resilience Act (DORA) has fundamentally reshaped the European Union’s financial regulatory landscape, with its full application beginning on January 17, 2025. This regulation goes beyond traditional risk management, explicitly acknowledging that digital incidents can threaten the stability of the entire financial system. As the deadline has passed, the focus is now shifting...