Services computing and regtech

As financial technologies (Fintech) pioneers seek to disintermediate the world's traditional banking sector's intermediary role, new regulatory technologies (Regtech) will be required to guarantee markets can be trusted, contract laws are adhered to and compliance can be verified through transparent processes. Services computing researchers will play an important role in advancing Regtech, but they must add to their repertoire additional knowledge of financial principles, an understanding of common Fintech pathologies that may be exploited by bad actors, and new thinking in regard to protecting customer data across multiple legal jurisdictions and the related compliance of boundary crossing banking-related algorithms. This paper uses supply chain finance as a use case to demonstrate details of this needed new repertoire. Ten areas of goal and constraint resetting relevant to Regtech software development and traditional services computing approaches are discussed. At stake is the need for services computing scholars to engage in developing some of the most critical software services of our age - those that can help to maintain and advance our market-based societies.