Regulatory reporting and risk management solutions provider AxiomSL has signed a landmark deal with Openbank, the digital bank of Spain’s Santander Group and one of the world’s first fully fledged online institutions. AxiomSL will provide Openbank with central bank, capital, liquidity, trade, transaction and AnaCredit reporting on a global level, for both European and South American countries, through its strategic platform.
The agreement extends an existing relationship with Santander Group, which already uses AxiomSL’s regulatory platform to meet reporting requirements in Mexico and the US. Cristobal Miralles, chief technology officer and chief operations officer at Openbank, says: “AxiomSL’s ability to accommodate multi-jurisdictional and multi-faceted regulatory requirements was the key factor behind our decision to select its solutions. The platform will automate the full process from data capture to reporting submission to meet our central bank, capital and liquidity compliance requirements, saving us time and resources to focus on our core business activities.”
Ed Royan, CEO of AxiomSL EMEA, comments: “As regulatory requirements intensify, firms must adopt agile solutions to efficiently meet highly complex demands with ease and confidence. AxiomSL offers a single platform that can be used to tackle these multiple compliance requirements globally.”
The AxiomSL deal comes a year after an enterprise-wide overhaul at 22-year old Openbank, which holds more than €6 billion in deposits. Launched in 1995 as a telephone-based banking offshoot of Santander, in 2017 the bank transferred all its IT assets and client transactions to the cloud and revamped its online and mobile presence to become Spain’s first fully digital bank with the goal of attracting 30 million new digital customers by 2018.