Some of you may not know that Sphonic’s legal name is Symphonic Solutions Ltd. This was a name dreamed by our founders in 2012. The origins of the idea are said to have come to them after discussing the similarities between what they wanted to create and what an orchestra achieves on stage. A ‘symphony’ is a coming together of different instruments in an orchestra to create something that one single instrument could not create on its own.
By pulling different regulatory technologies together into a single platform we envisioned creating an orchestra of RegTech solutions that produced a symphony full of efficiencies for our customers.
Sphonic’s new logo, introduced in August 2020
We have been operating on this principle since 2012 and our customer base has grown every year with the growing need for an orchestrated approach to customer onboarding and transaction monitoring.
“Our Workflow Manager engines installed in our client’s systems have been working especially hard during the Covid-era.“
2020 has been a strange year and it has brought about new challenges for the regulated world. Online transaction fraud spiked during the lockdowns and many businesses sought loans to keep them afloat. This meant that our Workflow Manager engines (designed to facilitate efficient and secure customer onboarding and transaction monitoring) installed in our client’s systems have been working especially hard during the Covid-era.
This acceleration in RegTech requirements has brought about a new age of orchestration, that has recently been acknowledged by Gartner in its ‘Market Guide for Identity Proofing & Affirmation’ report (look out for Riten’s take on this report in the coming weeks). We have evolved rapidly as a business this year through necessary change, but also change brought about by the growth of our capabilities as a platform. We are about to release a new Transaction Monitoring product that will lean on the power of Workflow Manager (more to come soon!) and we have evolved our Workflow Manager and Case Manager products further this year.
As a result, 2020 was the year Sphonic decided to rebrand.
This rebranding is a nod to the fact that we have reached the stage in our journey where we have matured our technology offerings to a point where we can address an even wider range of use cases in the customer onboarding and transaction monitoring world.
We have introduced a ‘bug’ to the logo, that plays on the design of a Sphonic Workflow, but also gives the brand an identity that can be utilised across our technology suite, in the hands of our customers.
The Sphonic ‘bug’ – a simplification of Workflow design and a symbol of reassurance to our customers
We hope that this symbol becomes a sign of security and reassurance for our clients who rely on us to build robust anti-fraud, risk, KYC, KYB and transaction monitoring systems for them.
Having evolved from a consultancy in the years before Symphonic Solutions Ltd. was dreamed up, our subject matter expertise still sits at the core of what we do here at Sphonic. However, we are now recognised by industry analysts and other experts in the space as a key technology platform for the orchestration of regulatory technologies across the world.
Our new brand reflects the culmination of decades of subject matter expertise being delivered through a single technology platform. We will also be delivering industry insights via this blog from time to time and we hope that you find our brand engaging and informative in these difficult times.
Please reach out on LinkedIn or via info@Sphonic.com if you would like to learn more or see a demo.