The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Finastra Prepares for SFTR with Regulatory Reporting-as-a-Service

Finastra, the third largest FinTech firm in the world following the merger of D+H and Misys back in 2017, this week launched a bespoke new SFTR reporting tool to help banks prepare for the fast-approaching April 2020 deadline. A cloud-based product built on the firm’s existing regulatory reporting solution, the product is designed to help clients reduce time and costs associated with data capture and compliance.

Regulatory reporting is a vital but highly complex process for financial institutions,” says Michael Henssler, General Manager Treasury and Capital Markets at Finastra. “Many banks are still using manual, labour-intensive processes to report on regulations such as MiFID II and EMIR. From April 2020, banks and investments firms will need to start reporting on securities financing transactions – a daunting task should they not have the right resources and technologies in place. By moving regulatory reporting to the cloud, as a managed service, we are enabling banks to report at speed, removing complex manual processes. Those who chose cloud-based technology will be more prepared when it comes to new regulations and can free up resources to focus on new revenue streams.”

Regulatory Reporting-as-a-Service is hosted in Finastra’s private cloud and provides a single regulation tool that collects and checks transaction information, such as repurchase transactions, securities or commodities borrowing and margin lending agreements, from banks’ own or third-party systems.

“Regulatory risks are minimized when data is securely stored in a cloud environment, and business value can be unlocked from combining data across the silos that exist in nearly every large capital markets firm,” notes Virginie O’Shea, Research Director at Aite Group. “Even regulators are using cloud environments for cross-industry data aggregation purposes. In an environment that is as global as capital markets, working with a strategic repository of reporting data is a key benefit as regulators in other jurisdictions may follow their peers in implementing similar compliance obligations.”

Related content

WEBINAR

Recorded Webinar: The UK’s New Prudential Regime for Investment Firms – Time to Prepare!

With the implementation of the new Investment Firms Prudential Regime (IFPR), the FCA is aiming to streamline and simplify the prudential requirements for solo-regulated investment firms in the UK. Under the new regime, all MiFID authorized, Collective Portfolio Management Investment Firms (i.e. UK UCITS ManCo and Alternative Investment Fund Management Firms permitted to undertake Additional Activities)...

BLOG

Can Asset Managers Finally Find a Cure for their Reporting Headaches?

Clement Miglietti, Chief Product Officer, NeoXam. It is hard to think of another issue that has been deliberated over more in recent times than the need for accurate reporting. The issue is, as with so many issues relating to market infrastructure, the bigger the problem the harder it is to actually come up with a...

EVENT

ESG Data & Tech Summit 2022

This summit will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.

GUIDE

ESG Handbook 2021

A-Team Group’s ESG Handbook 2021 is a ‘must read’ for all capital markets participants, data vendors and solutions providers involved in Environmental, Social and Governance (ESG) investing and product development. It includes extensive coverage of all elements of ESG, from an initial definition and why ESG is important, to existing and emerging regulations, data challenges...