Nasdaq (Nasdaq: NDAQ) announced it has signed an agreement with Austrian Reporting Services (AuRep) to provide the regulatory reporting technology that underpins the Austrian financial services industry.
Established back in 2013, AuRep is a collaboration amongst banks and financial service providers in Austria designed to “consolidate regulatory reporting infrastructure onto a single, shared platform.”
The agreement will see around 90% of Austrian credit institutions move their regulatory reporting infrastructure to the cloud, “upgrading their legacy on-premises solution to Nasdaq AxiomSL.”
It reflects the demand for regulatory technology solutions that aim to significantly “simplify banks’ underlying architecture to more flexibly meet future requirements.”
Ed Probst, Senior Vice President, Regulatory Technology at Nasdaq.
“European banks are subject to intense supervisory oversight and ever-greater reporting requirements, which is driving increasing demand for cloud-based platforms that can readily adapt to change while providing scalability and the highest standards of security.”
Staying ahead of regulatory change was “critical” for AuRep.
By selecting Nasdaq AxiomSL as a Service (SaaS), AuRep is able to rapidly deploy “regulatory updates and scale up capacity to deliver to the Austrian banking community.”
Future regulatory changes such as the EU’s incoming Integrated Reporting Framework (IReF) will be “integrated into the Nasdaq AxiomSL platform ensuring timely and cost-effective compliance.”
IReF seeks to harmonize statistical reporting “across euro area banks, but will significantly increase the volume, granularity, and frequency of data submissions, meaning many will be unable to comply unless they modernize their underlying data architecture or seek cloud-based solutions.”
Kenneth Born, CEO at Aurep, said:
“We selected Nasdaq AxiomSL to future-proof our Common Reporting Platform, optimized according to our Target Operating Model drawing on innovative, scalable, and fully compliant public cloud infrastructure. Adapting this software in line with the Austrian Central Bank’s granular Integrated Reporting Data Model, continues the success story of the Austrian standardized granular reporting platform.”
They added:
“It enables banks to create and submit reports legally required under Austrian and European regulations, with tailored and efficient software in a consistent and highly standardized manner, while realizing economies of share.”
Owned by the majority of Austrian Banking groups, AuRep operates a common regulatory reporting platform, “offering an audit-proof, stable, and reliable framework for its members.”
It is the single point of contact for all reporting entities and financial service providers in the country, “aggregating data into a central client-isolated reporting system, which then transmits data reliably and securely to the Central Bank of the Republic of Austria.”
Nasdaq AxiomSL is a described as a “comprehensive data management tool and regulatory reporting platform.”
It is designed to simplify regulatory reporting processes for banks and other financial services companies, “recognizing that in an increasingly global and real-time financial ecosystem, institutions need modern compliance and regulatory reporting solutions that simplify a complex regulatory landscape.”
The platform allows clients to centralize and “scale all current and future regulatory reporting processes from a single, cloud-enabled, end-to-end platform.”
It supports compliance with 110 regulators “across 55 jurisdictions, backed by a global team of industry experts, supporting a quick time to market as banks expand into new markets or asset classes.”
Nasdaq’s technology is reportedly used by “97% of global systematically important banks, half of the world’s top 25 stock exchanges, 35 central banks and regulatory authorities, and 3,500+ clients across the financial services industry.”
As a platform partner, Nasdaq draws on industry experience, technology expertise, and cloud managed service experience “to help financial services companies solve their operational challenges while advancing industrywide modernization.”