LONDON, Sept. 23, 2019 /PRNewswire/ -- ClauseMatch, an award-winning London-based RegTech company and Gemserv, an expert provider of market-level services, are proud to announce a strategic partnership and the launch of the code management platform – CodeWorks - which is going to allow energy suppliers across the United Kingdom to engage and comply with the Smart Energy Code (the SEC) digitally. The product, delivered and managed by Gemserv, was developed with, and powered by, ClauseMatch technology.
It is designed to:
- provide greater efficiency in delivering code services;
- reduce supplier costs in running regulatory teams;
- provide better access to codes, especially for new entrants;
- reduce the cost to serve;
- improve industry collaboration; and
- enable market participants to bring innovation to consumers faster, due to the rules adapting faster to market changes.
For the launch, the Smart Energy Code (3,000+ pages), a pivotal contract that sits at the heart of the smart metering programme, was digitised. Parties can interact with code documentation, filter for information that is relevant to them and access previous versions of the Code complete with all the changes made. This will save businesses and regulatory teams time, as well as make the Code easier to understand.
Gemserv's Director of Business Development and Consultancy, Jon Harley, stated that: "we believe the launch of CodeWorks is the most tangible and exciting example of code digitisation to date and marks a significant first step in the digitalisation of the code landscape. By simplifying access to the codes, enabling new methods of collaboration and reducing the burden of administration on code participants, code managers can operate more efficiently, enabling greater focus on what matters –driving improvements for consumers and the market. We are delighted to be working in partnership with ClauseMatch and for the SEC, we were able to bring our expertise of codes and the Energy market and configure a solution underpinned by the regulatory and technological expertise of ClauseMatch."
Evgeny Likhoded, ClauseMatch CEO & Founder: "Today, regulation is extremely cumbersome and slow to implement and change. It may take several years to implement or reverse changes making regulated markets slow to change and innovate to bring better experiences to consumers. That's why digitising regulations is on the agenda for many regulators. Lots of work is being done by the regulators all over the globe, for example, in financial services the FCA in the UK, MAS in Singapore, HKMA in Hong Kong and FINRA in the US are exploring this field. It is amazing how fast the energy industry is responding to these challenges and we are proud to be pioneering this significant change in cooperation with Gemserv."
Gemserv is an expert provider of professional services that transform markets and enable the data revolution. In particular, we have over two decades of governance, risk and compliance experience at the heart of the GB Energy market. Our experts are leaders in their respective fields and use insight and collaboration to make an impact through our projects and contracts that in turn defines who we are.
ClauseMatch is an award-winning London-based regulatory technology company that enables regulators to manage and publish regulations in a digital form and regulated organisations to evidence compliance with applicable rules. The company is live at global financial institutions, such as Barclays, working also with other regulated markets such as energy and insurance.
SOURCE ClauseMatch; Gemserv