Germany-based bank Münchener Hypothekenbank has partnered with Finastra to help it meet the transparency requirements of MiFID II.
FinTech solution developer Finastra is supplying the bank with its regulatory reporting solution to help the bank to meet MiFID II and MiFIR compliance. By using this solution, Münchener will be able to comply with post-trade transaction and transparency reporting requirements.
The system has been integrated with its front-office Fusion Post-Trade trading system, establishing an end-to-end platform which supports compliance for EMIR and the securities financing transactions regulation in the future.
“MiFID II was not just a compliance exercise for us. It also brought major strategic implications and required major changes to almost all aspects of capital markets trading,” explained Robin Welsch, Head of IT Applications, Capital Markets and Treasury at MünchenerHyp.
By implementing Finastra’s RegTech solution, Münchener has been able to deploy a solution quickly and at a lower cost, the bank said.
Finastra global head of capital markets Pedro Porfirio said, “MiFID II is fundamentally transforming capital markets trading across the whole of the EU. While the financial penalties for non-compliance can be steep, the bank’s reputation is also at stake. It’s essential that banks put robust and efficient systems in place to comply with regulations, while servicing their clients effectively.
“For MünchenerHyp, our solution has helped to streamline the path to compliance and meet the demands for real-time reporting. Importantly it can also be expanded to support other regulations, such as EMIR and the SFTR, offering the bank a futureproof platform for its reporting needs going forward.”
Earlier in the month, Société Générale formed a partnership with Finastra to support its compliance with regulations such as the interest rate risk in the Banking Book. Société implemented the FinTech solution developers Fusion Risk Asset and Liability Management (ALM) and Fund Transfer Pricing (FTP) solutions.
Copyright © 2018 RegTech Analyst
