Kobalt Labs has joined the NayaOne Tech Marketplace. This partnership brings innovative third-party diligence solutions to our platform, streamlining compliance and risk management for financial institutions and fintechs.
We’re excited to work with NayaOne to help financial institutions take their diligence to the cutting edge. This collaboration combines Kobalt’s expertise in risk management and AI with NayaOne’s deep, trusted network, where NayaOne’s users can easily explore and validate whether Kobalt is a fit for their use cases. As a team, we deeply believe in the resilience of technology in financial services and the mission of continued investment in innovation.
Kalyani Ramadurgam
CEO, Kobalt Labs
We welcome Kobalt Labs to the NayaOne Technology Marketplace. In an era where regulatory scrutiny on third-party relationships has significantly increased, Kobalt Labs offers a much-needed solution to streamline compliance processes and reduce the operational burden on financial institutions.
Varun Resh
Marketplace Manager, NayaOne
Benefits and Key Features that Kobalt Labs Offers Financial Institutions:
In the last 6 months, every major regulatory body has announced a significantly increased level of scrutiny on the third-party relationships of banks and FIs. Whether it’s the back-to-back consent orders on incomplete fintech diligence of partner banks, or the repeated interagency guidance for community banks and credit unions to invest in TPRM, FIs are struggling to rise to the occasion without significantly increasing headcount because their processes are brittle and manual.
Kobalt Labs offers compliance and risk teams superpowers, helping them align with regulatory expectations and streamline operations to save time and money. This can also enable FIs to be strategic in engaging with external consultancies of firms, as outsourcing can become opaque and expensive.
The tech provider dramatically reduces these costs and minimises the effort to keep up with changing regulation across multiple geographies.
Key product features
- Regulatory Framework Support: Auto-synchronises with any relevant regulatory framework, including BSA/AML obligations and regulations from the CFPB, OCC, NCUA, and FDIC.
- Automated Analysis: Utilises advanced AI algorithms to analyse NDAs, contracts, policies, and other documentation efficiently. It performs gap analysis, identifies missing or insufficient language, and assesses compliance against selected regulations or internal policies and procedures.
- Automated Research: Generates third party research automatically by scraping the internet for information on beneficial owners, negative news, complaints, and company funding and history.
- Customisation: The fintech understands that each business has unique compliance requirements. Kobalt allows for defining specific checks on documents and syncing with internal policies and procedures for bespoke analysis.
- Vendor and Fintech Management: Provides a centralised hub for vendor and fintech management, allowing you to track previous analyses, and store confidential documents securely. When adding a new company, Kobalt scrapes the internet and generates a working summary so your team doesn’t have to.
- Infosec Automation: The Infosec Center ingests SOC 2 and other security reports from vendors and partners, and outputs the extracted controls and a workable summary that security teams can use to streamline reviews. Kobalt supports numerous security standards, meaning that alignment to standards like ISO/PCI/NIST can be extracted and confirmed automatically.
- Templating: Upload a template or select from our standard template library, and Kobalt will generate a first draft, pulling from internet sources and internal documents. This is one of our biggest time-savers.
Case Study
For an 8B AUM bank, Kobalt was able to uncover and avoid an issue with a vendor that had later turned into a consent order for a different institution soon after. A major BaaS provider was initially planning to double headcount to support increased fintech volume and using Kobalt they are able to decrease their additional compliance headcount goal by 60%.
Partnership
This partnership allows financial institutions to discover, evaluate, and test Kobalt Labs’s third-party diligence solutions through NayaOne’s Sandbox-as-a-Service platform. It supports NayaOne’s mission to enable and facilitate bank-fintech partnerships by helping them find, assess and onboard new tech vendors in an air-gapped, secure testing environment that eliminates the need to bring vendors through their procurement and TPRM process first.
Enterprises have access to synthetic datasets, tech marketplace, and a digital sandbox, allowing them to scale third-party technologies to production, as well as to build functional proofs-of-concepts in 6-9 weeks rather than 9-12 months without onboarding the fintech.
Kobalt Labs modernises third party diligence for fintechs and financial institutions. Within minutes, sync with any regulation, auto-flag gaps and risks in documentation, scan for company background and negative news, and set up seamless relationship management and ongoing monitoring. Kobalt enables your team to strengthen diligence, minimise compliance costs, and scale operations without scaling headcount. Founding team from Stanford, Apple Pay, and Affirm, and well-capitalised and advised by YCombinator and a network of banking executives and former regulators.
