Nasdaq Partners with AuRep to Revolutionize Regulatory Reporting in Austria

Nasdaq collaborates with AuRep in the launch of Nasdaq AxiomSL, a cloud-based system for the expedited transformation of regulatory reporting regulations in the financial services industry in Austria.

Nasdaq has announced that it will work with Austrian Regulatory Reporting (AuRep), a new entry on the Austrian market in terms of regulatory reporting. It will serve as a collective platform both for large banks and financial services. Through the agreement, around 90% of Austrian credit institutions would switch to Nasdaq AxiomSL, a cloud-based solution, for all their regulatory reporting. The move highlights the growing demand for RegTech solutions which would help in simplifying the banking architecture to serve well for the days of the future regulatory changes.

Ed Probst, Nasdaq's Senior Vice President, Regulatory Technology, stressed the need for RegTech during these changes due to ever stricter regulatory frameworks in Europe. "The innovative approach of AuRep offers a model that, I think, will be found replicated the world over in assuring one plus one equals two instead of five as regards regulatory compliance," he added.

Integration of Nasdaq AxiomSL ensures forthcoming regulatory updates, such as the European IReF, are easily accommodated. IReF aims at standardizing the way statistical reporting is done among euro area banks, compelling them to either modernize their infrastructure or go to any of the cloud services in order to meet the demand.

Kenneth Born, CEO of AuRep, noted that Nasdaq was running a highly scalable, consistently compliant public cloud infrastructure for Austria's financial institutions in preparation for changing regulatory requirements. Through this deal, Nasdaq grows its standing as a leader in RegTech solutions.