MVB Bank partners with Kobalt Labs for AI compliance

Fairmont, West Virginia - MVB Bank has formed a strategic alliance with Kobalt Labs to streamline compliance workflows for fintech partners, as announced in a press release. Leveraging an AI-driven platform, the collaboration will streamline vendor and fintech partner evaluations, assess adherence to regulatory expectations through policy analysis, and support security and marketing compliance reviews.

The system aims to deliver risk assessments more rapidly. Notable Kobalt Labs clients encompass Chime, Upstart, Zions Bancorp, Emprise Bank, Core Bank, and Meriwest Credit Union. MVB Bank, a provider of fintech solutions encompassing payments, card issuance, sponsorship lending, and online gaming programs, alongside conventional retail and commercial banking, is a subsidiary of MVB Financial Corp. (NASDAQ: MVBF).

Kalyani Ramadurgam, CEO and co-founder of Kobalt Labs, expressed enthusiasm about the partnership to enhance MVB's risk oversight capabilities. Larry F. Mazza, CEO and President of MVB Financial, underscored the company's dedication to technological innovation and its shared commitment to risk management aligned with regulatory compliance.

Introduced by regulatory consulting firm Klaros Group, the partnership was facilitated by Adam Shapiro, co-founder and partner at Klaros Group. He highlighted the importance of third-party risk management, noting that banks face mounting pressure to adhere to consistent standards. The collaboration is expected to optimize fintech partner reviews while ensuring compliance with regulatory mandates.