Navigating regulation has always been a core challenge for companies. For nearly two decades, MCO has been at the forefront of creating solutions to help overcome this hurdle. In the currently growing complexity of the regulatory landscape, the US-based platform recognized a rare opportunity to make compliance more straightforward for their clients.
After joining forces with Dreamix, MCO now has a fully functional product, covering capital market and regulatory needs for countries across the globe. The company is a step closer to achieving its goal – to be the world leader in compliance management.
Empowering compliance: MCO’s journey
Since its very inception, MCO has had one mission – to simplify compliance processes and streamline regulatory oversight. Over the years, the company has continuously evolved its platform to meet the changing needs of its clients – as well as keep up with the ever-evolving regulatory landscape.
Today, the MCO platform serves over 1300 clients in over 105 countries and has over a million global users who process 800 million compliance records and execute 90 million regulatory rules.
A pivotal opportunity
Keeping track of all relevant authorizations, registrations and licenses has always been a challenge with regulatory compliance. When FINRA unveiled a synchronization with the Web EFT service, an integration with this valuable data was possible.
Web EFT stands for Web Electronic Filing Transfer. It lets firms upload and download files that have information about their employees, branches, exams, and money. Faster and easier than doing it manually online, it presented an opportunity. One that MCO, as an established leader in the compliance industry, immediately recognized. By integrating with this service, they’d save their clients a lot of time and effort. The streamlined process also reduces the possibility of errors, eliminating a certain degree of risk for MCO’s users. All in all, it was a step toward cementing its position as a compliance market leader.
The Dreamix solution
For such a business-critical integration, MyComplianceOffice needed a partner certain to deliver. At that point, they had been working together with Dreamix for several years. As such, the EU-based software provider was a proven vendor and a natural choice for this critical project.
The first challenge the Dreamix team faced regarding the integration was working with their partner(MCO) and a third-party vendor(FINRA) simultaneously. The developers took a proactive approach to communicating with all stakeholders, getting to know the integration’s capabilities and potential limitations.
The integration was executed end-to-end, from analysis, through development, testing and troubleshooting to deployment and maintenance. The final solution has several modules working together to deliver critical functionalities:
- Storing individual data
- Storing company license data
- Managing approval workflows
- Sending information and synchronization with FINRA’s systems
- Notifications in the event of license changes
- Tracking of information regarding qualification exams for individual licenses
- Reminders and escalation capabilities when examinations are due
RESTful APIs served as the backbone of the integration, enabling communication between the platforms. XML helped structure the data exchange, and OAuth 2.0 addressed the crucial aspect of secure authentication and authorization.
Over the last year, Dreamix also played a role in further expanding MyComplianceOffice’s integration capabilities. They successfully designed and oversaw an integration with NRD – Canada’s regulatory system, bolstering MCO’s solutions on a global scale. Additionally, Dreamix took part in developing a Registration and Licensing solution meeting Fit and Proper requirements for capital market firms worldwide.
Elevating compliance: achievements and impact
With the integration of Dreamix’s solutions, MyComplianceOffice now owns the most comprehensive ARL management tool available today. The product seamlessly addresses the capital market needs worldwide. As such, it presents a gateway to new markets for MCO, propelling them closer to becoming the global leader in compliance management for Global Capital Market firms.
“They have delivered high-quality work in a timely manner. Their core skills and mindset have been hallmarks of their work.”
- Oliver McKenna, MyComplianceOffice Board Member
The compliance management solution delivers centralized data storage, automated workflows, and real-time synchronization with regulatory systems, ensuring a streamlined compliance process for MCO’s users. Thanks to its integration capabilities, it enables efficient tracking of qualification, thus minimizing risk.
The new functionality was delivered swiftly in accordance with all requirements, solidifying the partnership between the two companies.
The ongoing partnership between Dreamix and MyComplianceOffice has yielded remarkable results for both parties. We at Dreamix are proud to be part of such a collaboration and look forward to delivering further value to our partner.
