BHG Financial Turns to Cable for Financial Crime Effectiveness Testing,955&ssl=1#

  • BHG Financial announced a partnership with financial crime effectiveness testing company Cable.
  • BHG Financial will leverage Cable’s technology to enhance its own compliance programs.
  • Founded in 2020, Cable made its Finovate debut last year at FinovateFall 2022.

Unsecured business and personal loan specialist BHG Financial announced a partnership with Cable this week. The company will use Cable’s financial crime effectiveness platform to improve its own compliance efforts.

Headquartered in the San Francisco, California, Cable gives banks, financial services firms, fintechs, and other organizations the tools they need to enhance their compliance programs. These tools include automated risk assessments, automated assurance, quality assurance, management information, and reporting. BHG Financial’s Director of Financial Crime & BSA Officer Bryan Holloway, stated that the partnership underscored the company’s commitment to regulatory compliance by providing “advanced tooling” for “greater efficiency, visibility, and insights across our business.”

BHG Financial has established one of the largest community bank loan and product networks in the U.S. The company has originated more than $16 billion in loan solutions since its founding in 2001.

“We’re delighted to partner with BHG Financial to bolster their automated financial crime assurance and testing capabilities,” Cable CEO Natasha Vernier said. “With increasing regulatory scrutiny on banking and fintech compliance, it’s a privilege to partner with innovative companies like BHG Financial (that are) taking compliance very seriously and embracing the best tooling available to protect their business.”

Cable made its Finovate debut last year at FinovateFall 2022. At the conference, the company demonstrated its Automated Assurance solution. This technology enables banks and fintechs to automate their compliance assurance and effectiveness testing. Automated Assurance also allows organizations to discover breaches and control failures in the moment. Additionally, Cable’s technology streamlines a number of manual processes including quality control, stakeholder reporting, and record management.

Founded in 2020, the company raised $11 million in Series A funding in May of this year. Stage 2 Capital and Jump Capital participated, along with existing investor CRV. More recently, Cable announced a partnership with Grasshopper Bank, joined the Banking-as-a-Service Association, and introduced new Chief Revenue Officer Candace Sjogren. Sjogren comes to Cable after serving most recently as SVP, Global Head of Sales at crypto-as-a-service provider Zero Hash.

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