Regtech startup ALT/AVE has announced the appointment of former Barclays and Goldman Sachs executive Phil Shelley as its new chairman of the board.
New ALT/AVE chairman Shelley will oversee the company’s mission to help combat paper waste within financial institutions, by offering a secure and sustainable digital solution for distributing highly regulated documents to their customers.
Shelley is currently chairman of financial services and wealth management company WH Ireland, and brings over 23 years of experience working in the investment banking industry.
The new boardroom appointment spent nearly five years working as managing director at Goldman Sachs, having previously served in executive roles at UBS Investment Bank for 16 years, before going on to hold the position of vice-chairman at Barclays.
“I am delighted to be joining ALT/AVE at this exciting time,” said new ALT/AVE chairman Shelley. “The team has created a product which clearly meets a pressing need for the financial services sector.
“It combines regulatory compliance with high levels of security and improved customer experience whilst reducing paper usage. There is much to do but the work our team has already done means we can look forward to an exciting future.”
Chris Ansara, founder & CEO of ALT/AVE, commented: “We are extremely excited to have Phil join the ALT/AVE team as chairman of the board. His impressive background and breadth of industry experience will play a crucial role in enabling the company to reach its next level of success.
“As we take on the challenge of digitising what has long been a manual and outdated process of financial institutions sending paper documents to banking customers, Phil’s role as chairman opens up new avenues of opportunity and marks a significant moment in the history of our organisation.”
ALT/AVE uses Distributed Ledger Technology (DLT) to provide financial institutions with a durable medium to send regulated documents to their customers, as well as enabling financial companies, including banks, to meet Financial Conduct Authority (FCA) regulatory requirements.
The financial services sector is currently estimated to distribute 5.2 billion pieces of paper at a cost of £1.7 billion a year, equivalent to 2.4 million trees.