German Digital Bank Selects Nasdaq AxiomSL for Local and Regional Regulatory Reporting
One of Europe’s newest digibanks leverages the Nasdaq AxiomSL® capital, liquidity, and regulatory reporting solutions for growth
Compelling Event and Decision Drivers
Online banking has created a growth opportunity for digital banks, globally. Whether they are start-ups, or a groundbreaking service for a non-bank financial institution, these offshoots must quickly contend with unfamiliar regulatory requirements. Regulatory exams often challenge the integrity, controls, and governance of digital banks’ data flows and systems more than they do traditional banks. This heightened scrutiny requires digibanks to have processes that meet expectations for accuracy and transparency, thereby sending a message of professionalism to auditors, regulators, and the market.
With an expansion underway, this digital bank had to comply with stringent local regulatory reporting as well as regional requirements. Furthermore, given its growing customer base and increasing trading volumes, the bank needed a solution that offered enhanced processing efficiency and scalability.
The client was looking for a complete solution to cover its local financial/statistical, capital, and liquidity calculation regulatory requirements and a path toward its pan-European expansion, simultaneously futureproofing its reporting needs in an ever-changing regulatory landscape.
Nasdaq’s Cloud-Enabled Capital, Liquidity, and Regulatory Solutions Set
The antithesis of a black box, the Nasdaq AxiomSL ControllerView® platform delivers transparency across fully automated processes, from data ingestion to report submission, enabling clients to meet a range of complex regulatory calculations and reporting requirements in a single integrated platform, regardless of jurisdiction. Besides its end-to-end functionality, including enrichment, validation, calculations, drilldown, attestation, submission, analytic dashboards, and auditability, the platform seamlessly delivers the workflow automation and controls that stakeholders require, while enabling easy interrogation of data and calculations at any point for cross-report consistency.
Nasdaq RegCloud® amplifies the Nasdaq AxiomSL ControllerView platform’s capabilities while taking full advantage of sophisticated cloud-environment features, including scalability, security, and automation. Post implementation, Nasdaq RegCloud clients have service continuity with Regulatory Change Services (RCS). This team, intimately knowledgeable about the platform, client-implemented solutions, and Nasdaq RegCloud, manages the deployment of regulatory and regulatory-calculation updates in a controlled update cycle, further minimizing any risk of non-compliance.
More Benefits
- A common data dictionary of consolidated risk- and finance focused data requirements that ensures reporting accuracy, consistency, completeness, and auditability
- Bundesbank and EBA regulatory-reporting coverage
- Functionalities that empower users with full transparency and an understanding of the regulatory requirement for self sufficiency and efficiency
- The potential for seamless expansion into other banking regulations and the Nasdaq Calypso capital markets applications
We are pleased to welcome yet another German digital bank into the Nasdaq AxiomSL reporting fold.
Built to ensure compliance in an increasingly complex regulatory environment ― both locally and regionally ― on a single platform, our solutions consistently deliver on clients’ regulatory reporting needs, thus facilitating growth.
- Ed Probst, Head of Strategy, Regulatory Technology, Financial Technology, Nasdaq
