Nasdaq (Nasdaq: NDAQ) announced an expansion of its regulatory technology partnership with global Fintech Revolut. The partnership centers on the deployment of Nasdaq AxiomSL, which is described as a regulatory reporting and risk platform used by global systemically important banks (G-SIBs) to comply with “domestic and international regulatory obligations.”
Revolut consolidated the majority of its regulatory reporting infrastructure across Europe, having integrated all workflows in the United Kingdom.
The partnership will see Nasdaq support Revolut’s global expansion, helping to ensure “compliance with new requirements.”
Murray Laister, Head of Group Regulatory Reporting at Revolut, said that as they expand their global footprint, they are now “committed to ensuring their underlying infrastructure scales with us and strengthens their ability to operate.”
Laister added that the partnership with Nasdaq now offers “the flexibility, transparency and control to meet regulatory expectations across jurisdictions – without slowing down innovation and growth,”
Ed Probst, Head of Regulatory Technology at Nasdaq, said that Revolut is at the forefront of digital banking transformation, and they’re pleased “to support their journey.”
Probst also mentioned that their partnership reflects “a commitment to responsible innovation and scalable compliance.” By deploying Nasdaq AxiomSL, Revolut is building “a future-ready infrastructure that adapts to regulatory evolution.”
As noted in the update, Revolut has now reportedly embedded Nasdaq AxiomSL in order to streamline “reporting across multiple jurisdictions, reducing the complexity of maintaining reporting frameworks for each country.”
All relevant data points are brought together across Revolut into “a centralized platform, helping to enable the integrity of underlying data and provide flexibility for future reporting requirements.”
The platform works as a ready-to-use managed service that runs in the cloud.
Working in partnership, Nasdaq’s team of experts manage and maintain the underlying infrastructure, from “keeping up with changing regulations across different countries to ensuring the system runs smoothly day-to-day.”
This approach means companies can focus on their “core business while staying compliant with global rules as the platform incorporates regulatory changes and provides support.”
Nasdaq’s technology is used by “over 135 market infrastructure providers, 35 central banks and regulatory authorities, and 3,800+ clients across the financial services industry.”
As a scaled platform partner, Nasdaq draws on industry experience, technology expertise, and cloud managed service experience to “help financial services companies solve their toughest operational challenges while advancing industry-wide modernization.”
In 2015, Revolut launched in the UK offering money transfer and exchange.
Now, 65 million+ customers reportedly use Revolut’s products to make “more than a billion transactions a month.”