Nasdaq has partnered with Austrian Reporting Services (AuRep) to transform Austria’s financial services industry, leveraging its regulatory reporting technology.
The collaboration is designed to help around 90% of Austrian credit institutions transition their regulatory reporting infrastructure to the cloud, using Nasdaq’s AxiomSL technology.
It reflects the increasing demand for advanced regulatory technology solutions that simplify banks’ operations and prepare them for future regulatory requirements.
Nasdaq AxiomSL is a comprehensive data management and regulatory reporting platform, designed to simplify regulatory processes for banks and financial services companies.
It allows clients to centralise and scale all regulatory reporting processes from a single, cloud-enabled platform, supporting compliance with 110 regulators across 55 jurisdictions.
Nasdaq regulatory technology senior vice president Ed Probst said: “AuRep is a truly unique and innovative response to regulatory complexity and setting the global standard for simplifying regulatory reporting compliance.
“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.
“We are proud of our track record in delivering the highest quality regulatory reporting products and services and AuRep’s rigorous selection process has confirmed the same.”
Established in 2013, as a collaboration between major Austrian banks and financial service providers, AuRep functions as a common regulatory reporting platform.
It offers an audit-proof, stable framework for its members, and serves as the single point of contact for reporting entities and financial service providers in Austria.
The platform aggregates data into a central client-isolated system, securely transmitting it to the Central Bank of the Republic of Austria.
It aims to consolidate regulatory reporting infrastructure into a single platform.
By adopting Nasdaq AxiomSL as a Service (SaaS), AuRep can quickly implement regulatory updates and expand its capacity to serve the Austrian banking sector.
AxiomSL will help enable compliance with future regulatory changes, such as the upcoming EU Integrated Reporting Framework (IReF).
IReF aims to enhance the volume, granularity, and frequency of data submissions, necessitating modernised data architectures or cloud-based solutions for compliance.
Aurep CEO Kenneth Born said: “We selected Nasdaq AxiomSL to future-proof our Common Reporting Platform, optimised 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 standardised granular reporting platform.
“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 standardised manner, while realising economies of share.”
