10 Best Financial Services Compliance Software Of 2023

Compliance software is used by many businesses to monitor and audit their crucial operations. The software ensures that these business processes are aligned with the legal industry and security requirements, consumer standards, organizational policies.

Modern compliance tools (powered by artificial intelligence) cover industry-specific regulations and standards (such as ISO and OSHA), suitable use policies, and corporate ethics policies.

Since each organization has different guidelines and standards by which it must adhere, it has unique requirements. The financial sector, in particular, is always under additional external scrutiny in its transparency efforts, and requires a robust contract process and policy for additional checks and balances.

Below, we have gathered the ten best banking and financial services compliance software programs that help businesses establish a streamlined, consistent approach to minimize risk and promote transparency.

10. Accuity

Best for: Payment services and financial crime screening

Accuity is part of LexisNexis Risk Solution Company. It provides various innovative solutions for payments and compliance professionals, from comprehensive data and tools that manage risk and compliance to flexible applications that optimize payments pathways.

The company helps businesses identify criminal and fraudulent activities. It has deep expertise and industry-leading, data-enabled solutions to deliver protection for both individual and organizational reputations.


  • Expertise on a global scale
  • Improve efficiency, auditing, and reporting
  • Detect illicit financial activities
  • Has been delivering solutions to banks for 180 years


  • Online screening for KYC compliance can be improved

Accuity has accumulated huge amounts of data from more than 125,000 US financial institutions and 750,000 global institutions.

Bankers Almanac, one of the most trusted and comprehensive resources, helps validate payment codes, reduce processing cycles, improve the certainty of a settlement, evaluate the potential risk of onboarding new partners, and ensure compliance.

9. Compliance.AI

Best for: Automatically enforcing regulatory change management policy

This platform aims to improve compliance processes for both regulators and regulated entities. It provides regulatory change management solutions developed specifically for the banking, financial services, and insurance industry.

Compliance.ai uses machine learning methods to enforce regulatory change management policy, and thus reduce risk and costs. It allows you to form a centralized regulatory change management command system and automate and manage standardized processes for the whole business.

The platform is capable of scanning and analyzing large volumes of regulatory and compliance activities. It effectively reduces the chance of missing an obligation or other regulatory requirements.


  • Scans and analyzes regulatory and compliance activities
  • Eliminates manual line-by-line analysis of regulatory documents
  • Highlights potential issues and delivers personal insights
  • Eliminates duplicate work


  • Vague pricing model

Using an intuitive dashboard, you can automate the compliance process and assign compliance tasks to the right people across your business. The software ensures quick completion of audit tasks and provides third-party-certified reports for assurance of the compliance program. Analysts can review history without further preparation by the compliance team.

8. Sapiens

Best for: Insurance companies

Sapiens is a cloud-based General Data Protection Regulation-compliant insurance management platform built for medium and large businesses. It has more than three decades of experience in managing the challenges of different types of insurance companies.

Their products include advanced reporting tools, analysis systems, and many different types of services tailored to handle insurers’ cash, statutory & GAAP reporting requirements.

Sapiens FinancialPro, for example, is an accounting tool designed for insurers to meet their unique requirements for cash and GAAP reporting. It can efficiently handle multi-basis accounting, inter-business transactions, and facilitate the speed and accuracy of financial reporting.


  • Easy to use platform with clear instructions for each business process
  • Web-based maintenance ensures real-time support
  • Multilingual and multi-currency support
  • Includes tons of educational resources


  • Reporting can be improved

The platform also features differential rating that enables users to calculate performance ratings of a fund or investment based on various factors.

In addition to technology, Sapiens offers valuable educational resources for statutory accountants. The company employs insurance professionals to provide direct customer assistance and training seminars during the filing season.

7. NameScan

Best for: Optimizing KYC processes (with real-time access to over 180 company registries)

NameScan assists businesses with their KYC (Know Your Customer) processes through PEP and Sanction screening services.

PEP (Politically Exposed Person) is an individual who holds a prominent public position. He/she may be more susceptible to corruption, bribery, or other money laundering offenses. Such people are of high risk to financial institutions and non-financial businesses and professions.

NameScan uses trusted data sources to identify an individual or entity as a PEP. The company provides users with the option to choose which database they would like to screen people against to ensure they are not a risk to their business. 


  • Helps you fight against money laundering and terrorism financing
  • Screen customers’ data against the comprehensive global sanctions data
  • Reliable and up-to-date data sources
  • Provides excellent value for money


  • First and Last names work well for Western names but Asian name formats are quite different

That’s how NameScan’s PEP and sanction screening service help your reach your compliance requirement. It provides detailed scanned reports with in-depth information about the potential risk to your company.

The company updates the information on a daily basis to deliver the latest, relevant data.

6. FIS Data Analytics Solutions

Best for: Automating decision-making processes and reducing operational costs

FIS compliance suite allows you to solve numerous regulatory challenges, including communications surveillance and anti-money laundering. It utilizes machine learning methods to help you stay ahead of regulations.

With FIS data analytics, you get a 360-degree view of your enterprise compliance and risk profile. It gives you valuable insights to minimize risk and stay compliant with global regulations.

Its most popular product, named FIS AML Compliance manager, is equipped with advanced tools that automate the decision-making process while reducing operational costs and manually intensive tasks.


  • Efficiently identifies and mitigates financial crime risk
  • Tax compliance and reporting
  • Provides actionable insights
  • Has more than 20,000 clients across the world


  • Vague pricing model

This cloud-based platform also has a case management system that gives a detailed view of customers, alerts, and cases across the customer life cycle. It helps you continuously monitor risk and detect complicated suspicious activities.

5. Tyler Technologies

Best for: State financial regulators

Tyler Technologies is the largest software and management solutions provider to the US public sector, focusing on local governments. It operates through the Enterprise software and Appraisal and Tax segments.

The Tyler Financial Regulatory Compliance (FRC) software handles everything from initial application and registration to examination and enforcement. It brings all regulatory oversight capabilities together in a single case management application, helping you analyze interrelated data and quickly act upon it.

The FRC can be configured to regulate various financial entities, ranging from savings banks and holding companies to mortgage loan brokers and financial instruments such as bonds, stocks, and mutual funds.


  • Can be configured to regulate a wide range of financial entities
  • Provides a better view of finances
  • Allows you to manage the full lifecycle of enforcement activities
  • Streamlines everyday tasks


  • Interface can be improved
  • Steep learning curve

The software makes day-to-day transactions and reporting easier. Financial regulators can customize interfaces to generate detailed reports for each agency to perform specific tasks. Standard interfaces to FDIC, BlueExpress, EFD, NMLS, and other major systems eliminate duplicate data entry while simplifying data-sharing and analysis.

The company also offers advanced regulatory software programs to navigate the licensing landscape and complex regulatory enforcement across state and federal agencies. 

4. Verint


Best for: Recording, storing, and monitoring regulated interactions

Verint offers an intelligent tool that automatically records and captures regulated interactions via Microsoft Teams Voice, Teams, Chats, Teams Video, and Teams Meetings.

Captured data is stored in a secure, searchable archive, which can be easily monitored and analyzed via a single dashboard.


  • Offers reliable compliance recording of your regulated Microsoft Teams collaboration
  • Easy-to-use dashboards to address compliance issues proactively
  • Robust Data Governance
  • Search, transcribe, categorize and analyze interactions


  • Doesn’t work with all unified communication and collaboration tools

Verint is actively involved in the Teams Compliance Recording Certification initiative. It integrates business-ready recording functions into your Teams collaboration environment, making it easier to reliably record peer-to-peer data exchange, shared content, and group interactions.

Overall, it can help you improve compliance audits, investigations, and governance.

3. IBM RegTech

Best for: Infusing intelligent workflows to fight fraud

RegTech (short for Regulatory Technology) utilizes artificial intelligence and machine learning methods to help financial institutions improve their reporting, compliance, risk management, and regulatory governance.

In simple terms, RegTech is the digitization of manual reporting and compliance processes. It leverages cognitive computing to achieve efficiencies that weren’t previously possible. For instance. true cognitive systems can process as many as 800 million pages per second in natural language.


  • Offers insights to comply with evolving regulatory requirements
  • Automate risk and compliance
  • Identifies parameters to prevent financial crimes
  • Cuts false positives and prioritizes high-risk alerts


  • Can get expensive for large businesses

RegTech delivers integrated end-to-end solutions that allow businesses to connect internal GRC (governance, risk management, and compliance) policies and practices to the external regulatory environment. These proven solutions and valuable insights increase the effectiveness of payment fraud detection, laundering compliance, and insurance claims investigation programs.

2. Vertex

Best for: Preparing and filing tax returns

Vertex Inc. has more than four decades of experience in developing tax compliance software and services. It can automate compliance and reporting for your business, maximizing process efficiency and minimizing audit risk.

The platform gives you options to choose from multiple solutions to effectively automate and streamline indirect tax compliance worldwide, including sales tax and VAT (value-added tax).


  • Reduces the cost and burden of continuous tax research
  • Easy to configure and maintain by country
  • Outsourcing options
  • Support documentation is top-notch


  • The process of writing tax assist rules can be made easier

You can utilize scalable compliance solutions to cut down manual errors and streamline the entire audit process. The software significantly reduces the time and manpower that goes into analyzing and filing returns. If any issue occurs, it is reported clearly and consistently to facilitate manual interpretation and follow-up.

Read: 13 Best Data Science Tools

1. Zycus Financial Compliance & Audit Control

Best for: Small firms that are looking for deep value for money service

Zycus has been developing compliant tools for more than two decades. It helps companies minimize risks, increase savings, and boost compliance through an intuitive, easy-to-use dashboard.

Its financial software gives you a centralized view of entire business processes and allows you to adapt to rapidly changing conditions, enhance process efficiency, and grow over a solid financial compliance core.

The software seamlessly integrates with Enterprise resource planning tools and functional modules such as Contract Management and Supplier Information Management, bringing all essential data to one place for better monitoring and control of purchase operations.


  • Identify all kinds of risks in transactions
  • Everything can be monitored and controlled from a single dashboard
  • Integrate seamlessly with any ERP and functional module
  • Integrates with Microsoft Office and DocuSign for a better user experience


  • Lacks quick reference guides

Zycus simplifies multiple legal and government regulatory systems by providing template libraries, clause libraries with preapproved clauses, and wizard-driven contract authoring. It also facilitates version management and side-by-side comparison during negotiation.

Read: 9 Best Vendor Risk Management Software

Frequently Asked Questions

Why is compliance important in financial services?

Compliance is essential to ensure the proper functioning of the business. In general, it ensures the safety of customers’ money. Compliance departments work relentlessly to meet key regulatory objectives and reduce financial crime and system risk.

After the 2008 global financial crisis, banking and non-banking financial institutions started adopting a strong compliance culture in order to save customers’ funds, protect employees, and maintain the public’s trust in the banking system and capital markets.

What is regulatory compliance?

Irrespective of the business size, all companies must adhere to certain laws, policies, and regulations as part of operations. Regulatory compliance deals with a set of rules and guidelines that the law requires companies to follow.

For example, PCI DSS (Payment Card Industry Data Security Standard) is the information security standard created to reduce credit card fraud. Validation of PCI compliance is performed annually or quarterly. Violations of such regulatory compliance can result in legal punishment.

What are the key components of a compliance tool?

The five most important elements of a good compliance tool are:

  • Regulatory Intelligence: Track data and alerts published by standards bodies and government agencies
  • Risk Assessment: Identify all potential risks involved in the business and categorize them as per their impact.
  • Internal Controls Review: Evaluate policies, procedures, and processes
  • Audit: Conduct independent, third-party audits/testings in the system
  • Learning Resources: Online courses or guidelines should be available for training employees on how to comply with policies

Read: 13 Best B2B SaaS Companies

What is the future of compliance software?

According to the Industry ARC report, the governance, risk management, and compliance (GRC) software market is projected to reach $52.5 billion by 2025, growing at a CAGR of 13% from 2020 to 2025.

The increasing demand for more secured and integrated tools for storing financial records (such as blockchain) is likely to drive market growth. So far, cloud-based deployment has dominated the market owing to its cost-effectiveness and upsurge in cloud deployment by millions of businesses worldwide.

GRC software (for several different applications) has been adopted by major end-users like the government sector, banking, financial service, insurance, construction, and real estate industry.

Written by
Varun Kumar

Varun Kumar is a professional science and technology journalist and a big fan of AI, machines, and space exploration. He received a Master's degree in computer science from GGSIPU University. To find out about his latest projects, feel free to directly email him at [email protected] 

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