Santander’s digital bank Openbank has picked AxiomSL to handle its regulatory reporting globally.
AxiomSL, which develops regulatory reporting and risk management solutions for financial institutions, will implement its strategic platform for Central Bank, Capital, Liquidity, Trade and Transaction and AnaCredit reporting. It will be responsible for this across both European and South American countries.
The decision to team with AxiomSL builds upon an existing relationship between the two which sees its reporting services used in Mexico and the US.
Its regulatory platform provides the necessary calculations, report templates, and reporting functionality for central bank, capital and liquidity disclosures around the world, the company claims. Through this it is able to offer lower compliance costs and end-to-end data management capabilities.
Openbank is hoping to leverage the software to automate the full process from data capital through to reporting submission in order to meet compliance. In doing this, the bank will be able to focus on core business activities.
AxiomSL CEO Ed Royan said, “We are pleased that Openbank has selected our platform for central bank, capital and liquidity compliance across the globe.
“As regulatory requirements intensify, firms must adopt agile solutions to efficiently meet these highly complex demands with ease and confidence. AxiomSL offers a single platform that can be used to tackle these multiple compliance requirements globally.”
AxiomSL gives financial institutions solutions for central bank, capital and liquidity calculations and reporting to help them meet a range of compliance requirements, as well as benefit from transparency and optimised data usage.
Earlier in the year, the RegTech company boosted its presence in the German Austria and Luxembourg markets through a partnership with Unternehmensberatung. The deal will see AxiomSL leverage SKS’s consultancy expertise and extensive knowledge of the reporting obligations in the region.
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