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Elimity – the missing piece in identity & access management– is rolling out at Benelux banks

Elimity – the missing piece in identity & access management– is rolling out at Benelux banks

Financial institutions leverage data access management software of Belgian fintech Elimity to take control and realize continuous compliance

TheBelgian fintech start-up Elimityinnovatesthe identity & access management (IAM) market and breaks through internationally with projects for Rabobank and ING. Elimity’s new software platform enables banks, insurance companies and financial service providers to further improve their internal data-related security and compliance. It provides them relevant IAM insights to shift from periodic time-consuming compliance exercises to more efficient continuous compliance.The platform successfully responds to the growing demand of institutions to confidently adapt to the increasing regulatory complexity.Elimity  has been awarded prizes at FinTech Belgium and ING FinTech Village. This month, Elimitywill speak on international IAM congresses inNieuwegein (NL) and Munich (D).

The challenge of IAM compliance

For every bank, insurance company and financial service provider, managing who can access which data is a crucial part of security, risk and regulatory compliance.

Elimity CEO Maarten Decat at ING FinTech demo day pict 136 @whitevision_

Elimity CEO Maarten Decat at ING FinTech demo day pict 136 @whitevision_

While many companies have the technical IAM platforms in place, attestingIAM compliance is still a time-consuming challenge. Many highly-regulated companies periodically commit extensive manual effort to dig through spreadsheets of information, thereby spending a lot of time and money to verify compliance for one single point in time. The situation becomes even more challenging as these parties face increasing organizational complexity and tightening regulatory requirements.

The challenge is clear: how do you control an organization of tens thousands of users and thousands of roles to remain compliant with regulation?

Data analytics for business-level compliance insights

“Today, data access compliance is a technical and time-consuming process”, says Elimity CEO Maarten Decat. “Businesses need a solution that is less labor-intensive and less prone to errors. By building an IAM data mart and linking the technical IAM data to business activities and HR information, our software platform is able to provide understandable business-level compliance insights across applications, organizational domains and departments.”

Banks, insurance companies and financial service providers use the platform in order to confidently manage IAM compliance.Elimity  allows for reducing or eliminating Excel efforts executed manually by business consultants to pass a single verification. In addition, the Elimity platform builds on the existing security infrastructure, which increases its return on investment.

Understand, automate & prevent – Continuously in control

Elimityhelps banks to increase their IAM maturity even further. The approach of Elimity unlocks data intelligence to automate monitoring, track compliance over time, and alert when detecting violations. And by extending the platform integration to tools that manage data access requests, Elimityhelps its customers prevent compliance from being violated in the first place. “In essence, this enables our customers to move toward preventative access management, something the market has been aspiring for years,” adds MaartenDecat.

Elimity’sinnovative approach enables all involved managers to take well-founded decisions, from their own viewpoints and responsibilities, in support of the integral automation of managing risk and compliance. Data-driven access management on enterprise level is the missing piece in IAM for companies to become continuously secure, compliant and in control.

Elimity production deployment at Rabobank

After concluding a successful pilot at Rabobank, Elimity is currently executing a production deployment at the major Dutch bank.

Maarten Decat: “Organizations of the size and complexity like Rabobank benefit from a structural yet lightweight solution to keep up with more stringent internal and regulatory requirements. In that way Elimityfacilitates financial institutions to properly deal with IAM compliance verifications. Because of the insights that Elimity brings across the bulk of employees, authorizations and applications, Elimityallows them to continuously and efficiently control access to their most important data assets.”

Validated and incubated at ING

A milestone for Elimity was the strategic relationship with ING, which started when Elimitybecame a laureate at ING’s FinTech Village. The ING incubatorvalidatedElimity’sinnovative idea, thereby delivering on expectations.

“Elimity’s innovative platform brings unique capabilities for managing data access across the entire ING organization. It fitted our strategy to further streamline internal efforts with regards to IAM compliance verifications and evolve further toward continuous compliance,” says David Rasson, Center of Expertise Lead Innovation for ING.

Strategic growth across Europe and later US

“We are collaborating intensively with our prime customers and are shifting gears with several other Belgian and international banks. The aim is to expand outside the BeNeLux region toward the rest of Europe and later the USA,” says Maarten Decat. “To achieve that, we are hiring additional talented staff and are exploring partnerships with financial consultancy providers.”

Things are moving fast for Elimity. “We are structurally improving the way banks handle data access compliance, and that is only the beginning of our ambition.”

Elimity CEO Maarten Decat

ElimityonING FinTech Village (COO Willem De Groef, CTO Thomas Heyman en CEO Maarten Decat)

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