Shiboleth joins American Fintech Council to enhance bank compliance testing

The American Fintech Council (AFC) has announced that Shiboleth, an AI-powered compliance platform for financial institutions, has joined its ranks. Shiboleth aims to enhance back-office compliance and other reviews, increasing efficiency and improving service responsiveness for consumers. This membership aligns Shiboleth with other innovators committed to regulatory compliance and consumer-focused finance.

Phil Goldfeder, CEO of AFC, stated, "Shiboleth is at the forefront of responsible innovation in consumer lending compliance. Their platform offers an efficient and accurate compliance solution to fit today's dynamic regulatory environment and responsibly leverages AI to create new levels of efficiency and transparency for financial institutions and their customers. We are thrilled to have them join the AFC and contribute to shaping the future of financial technology."

Shiboleth's platform uses artificial intelligence and natural language processing to automate tasks such as complaint management, call monitoring, issue tracking, and marketing material reviews. The automation covers 90% of back-office compliance tasks, significantly reducing costs while enhancing regulatory adherence. The system provides access to original source materials with human oversight at every stage.

Esty Scheiner, CEO of Shiboleth, remarked on the development: “We built Shiboleth because we know that trusted, effective regulatory compliance is the foundation for scaling innovation. Joining AFC is a significant step for us as it amplifies our ability to help banks and fintechs navigate regulatory complexities with clarity and precision.”

AFC serves as a standards-based organization representing major fintech companies and innovative banks offering embedded finance solutions. Its mission includes promoting transparency in financial services through responsible innovation.

Shiboleth operates as an AI-driven platform aimed at simplifying compliance processes by transforming unstructured data into actionable insights. It focuses on operational efficiency while maintaining data security between banks and fintechs.