Regulatory Technology (RegTech) is an innovation that enables firms to effortlessly adjust to the weight of expanding regulatory reporting, while at the same time being savvy and secure. This innovation enables organizations to automate the way toward monitoring information. Regtech improves the procedure of regulatory prerequisites.
Connor Crawley, CEO of Vizor Software defines Suptech as, “ SupTech refers to the technology that supports supervisors. The Bank for International Settlements (BIS) defines Suptech as the use of innovative technology by supervisory agencies to support supervision. Vizor has been supplying enterprise software to financial supervisors for over 18 years so we were delivering Suptech solutions well before the term was coined.”
The basic difference between both is that, Regtech addresses the need of Financial Institutions and Fintech companies and on the other hand Suptech provides aid to Supervisors and Regulators.
Suptech enables supervisory offices to accomplish their goal of advancing trust by monetary specialists in financial institutions also, markets. Suptech is probably going to prompt supervision that can adjust all the more rapidly because of an always developing condition. Innovative Technologies can be connected at the plan phase of new guidelines to evaluate the potential effect of arrangement recommendations.