RegTech 100 company RegTek.Solutions, a regulatory reporting solutions provider, has launched a data quality assurance solution for ESMA’s Securities Financing Transaction Regulation (SFTR).
Validate.Trade for SFTR will enable clients to start testing the quality and integrity of their SFTR data, across all products and data fields according to the company. The platform is live and helping team’s produce a SFTR compliance solution.
The European regulation aims to increase transparency across Securities Financing Transactions (SFTs) and requires market participants to report all SFTs to an approved Trade Repository (TR).
RegTek.Solutions claims that Validate.Trade for SFTR is the world’s only independent, portable validation engine to support firms with data quality ahead of SFTR’s implementation.
It tracks and maintains rules accordance with the conventions, expectations and best practices of regulators, repositories, and the securities financing market. Over 700 rules specific to SFTR have already been built and tested on the platform, and are available for clients to test their data against today.
Andy Green, global head of sales for RegTek.Solutions, said: “SFTR has the potential to be a very costly and complex affair. It is estimated that only 60% of the required fields are readily available and with the scope of the required changes being so vast, it would be quite hazardous for firms to leave it until the last months to prepare. With Validate.Trade for SFTR, we will be sure to help our clients meet the regulator’s deadline in an efficient and cost-effective way.”
Back in September, RegTek.Solutions closed a $5m Series A funding round. The round was led by share marketplace company Deutsche Borse, via its DB1 Venture arm, and Illuminate Financial Management.
Founded in 2017, RegTek.Solutions claims to mutualise the cost and shoulders the burden of tracking and implementing critical regulatory reporting solutions. With offices in New York, London and Riga, the company combines independent, market-validated actionable regulatory intelligence, with proven technologies to offer solutions to all financial institutions’ regulatory reporting challenges.
ValidateTrade, its flagship product, is trusted by more than half of G16 Global banks and is used by regulatory operations and compliance teams to continuously monitor the quality of reporting, in real-time or end-of-day batch.
Last year, RegTek.Solutions was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
