Ascent Regtech Chosen for BMO Harris / 1871 Innovation Program

Chicago — Ascent Technologies, Chicago — Ascent Technologies, a leading regulatory technology (regtech) company, has been chosen as one of four startups to take part in the BMO Harris / 1871 Innovation Program. The program is focused on engaging and mentoring early-stage technology startups in Chicago and Wisconsin that have innovative solutions in lending, financial planning, digital tools and data analytics.

“We’re fortunate to have many major corporations right in our backyard and connecting them with startups in order to share ideas, talent, and resources is an opportunity that benefits everyone,” said Betsy Ziegler, Chief Executive Officer, 1871 when announcing the 2018 competition. “BMO Harris is an outstanding example of a corporation that is a deep part of Chicago’s innovation story, and we are pleased to work closely with them again this year to help even more entrepreneurs achieve their full potential.”

“Last year’s program was a great success; we continue having discussions with all three winners to pilot their services because we find value in what they have to offer,” said Ernie Johannson, Group Head, U.S. Personal and Business Banking, BMO Harris Bank. “This year we are excited not only to continue the partnership with 1871, but also to welcome new partners in Wisconsin to amplify our talent pool and create new synergies all around.”

Brian Clark, CEO and Co-founder of Ascent thanked BMO Harris Bank and 1871 for the opportunity. “All of us at Ascent are thrilled to be chosen for this program and we’re grateful to BMO Harris Bank and 1871. Ascent has proven regtech solutions that have been implemented at a wide variety of financial institutions, and we’re looking forward to working with BMO Harris as we continue to refine and enhance our regtech offerings to best support the complex business processes for large banks.”

The BMO Harris / 1871 Innovation Program includes a four-month mentorship program with access to mentors and resources and the potential opportunity to pilot technology with BMO Harris.

Ascent uses AI and NLP to transform raw regulatory data into discrete actions for compliance departments. Ascent analyzes millions of data points from rules and documentation and works with customers to automate a customized end-to-end regulatory process. For each customer, Ascent produces custom workflows, documentation, and compliance manuals uniquely tailored to the specific requirements of each firm.

Learn more about Ascent’s regtech solutions at www.ascentregtech.com.
 
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through nearly 600 branches and fee-free access to over 40,000 ATMs across the United States. BMO Harris Bank’s commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are subject to bank and credit approval. BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a highly diversified financial services provider with total assets of CDN$744 billion (as of April 30, 2018), and more than 45,000 employees.

About 1871
1871 is the home of over 500 high-growth technology startups and more than 1,500 members supported by an entire ecosystem focused on accelerating their growth and creating jobs in the Chicagoland area. Visit www.1871.com for more information. Located in a 150,000 square-foot space over three floors in The Merchandise Mart, 1871 has more than 600 current mentors available to its members, as well as more than 100 partner corporations, universities, education programs, accelerators, venture funds and other organizations that make its extensive matrix of resources possible. For more on our partners, visit www.1871.com/about/partners, or become a partner by reaching out to contact@1871.com.

About Ascent 
Founded by Regulatory and Technology professionals, Ascent is a regtech firm working to help customers reduce the complexities and costs in complying with regulations. Ascent automatically identifies and monitors the specific regulatory obligations that apply to a customer’s business. Its IntaaS (Intelligence-as-a-Service) platform uses domain-specific AI and automation processes to convert the rules and documents of a regulatory body into units of intelligence that are distributed to customers online. This approach helps companies save time and money and reduce risk. Learn more at www.ascentregtech.com.