The regulatory reporting obligations of financial services firms have increased in ways never seen before, according to ThomsonReuters the annual volume of regulatory changes went up to almost 500% since the beginning of the global financial crisis of 2008. Recent reports by the Financial Stability Board (FSB) and the Basel Committee even go as far as to indicate that many banks might not be able to meet the reporting requirements implemented in the wake of the financial crisis.
So the consensus in the industry in the industry is that the old tools won’t be enough to tackle the reporting requirements coming out of major regulatory initiatives like MiFID II and that only through innovative measures the expectations of regulators can be met.
In our series of articles on leading RegTech firms, this post looks at top ones in the space of Reporting:
FundApps
Offices: Based at the Silicon Roundabout in London and Midtown Manhattan New York
Founded: 2010
Description: Praised in FinTech and RegTech reports from Deloitte, the World Economic Forum and others, the good people at FundApps have one objective: making compliance simple. They offer a cloud-based solution to automate shareholder disclosure that translates tons of rules and regulations from over 85 jurisdictions into data that can be analysed through algorithms and provides one-click filing.
Abide Financial
Offices: Based right in the centre of the City of London, UK
Founded: 2011
Description: Advocates of cloud computing in financial services reporting for years, Abide has already gained a strong foothold in EMIR reportable FX transactions and processes. They are also an approved Reporting Mechanism (ARM) for MiFID / MiFID II plus a reporting hub for several other regulatory initiatives and the respective obligations to share data with regulators. In only five years since the company has been founded but the already call some of the big shots in banking their clients.
http://www.abide-financial.com/
Silverfinch / MoneyMate Group
Offices: Offices in London and Dublin
Founded: 1991
Description: The MoneyMate Group are specialists in fund data technology and runs three independent business lines to achieve better access to data. Silverfinch is its utility for “Secure Data Sharing” to allow asset managers handle the look-through requests from their Insurance Company investors. With data security at the centre of its solution and a more efficient handling of reportable data, it is easy to see why RegTechs like this one are seen as the silver bullet for the ever-increasing reporting obligations for financial institutions.
Vizor
Offices: Headquarters in Dublin/Ireland
Founded: 2000
Description: Vizor actually sits at the other side of the table, which is regulatory reporting as its solution is focused on regulators around the world. It supports the full supervisory lifecycle with a web based data submission portal with real-time validation and a single supervision centre, which stores and processes all data and a configuration platform that allows for easy customization of the complete system. No wonder central banks and financial regulators from around the globe trust them for the collection and validation of highly complex data from financial institutions.
http://vizorsoftware.com/
Fundsquare
Offices: Based in Luxembourg
Founded: 2013
Description: Following an initiative of the Luxembourg Stock Exchange market participants of the fund industry came together to analyse the creation of a market utility that would help fund actors mutualise costs and achieve greater efficiency in the fund distribution space. The result was Fundsquare, which has become fully independent, and which aims to deliver a more efficient and standardised infrastructure for the exchange of information and related transaction messages through cost mutualisation and quality management using state-of-the-art technology. One of its key aspects of the solution is a secure communication channel between funds and financial supervisory authorities, which makes particularly attractive in light of growing data security concerns.
Reporting solutions have been long existed before the rise of RegTech, but we try to focus on those that add an additional element to traditional reporting tools for our coverage. However, we’re fully aware that there are many other providers out there that do great work, so let us know your thoughts on our selection or drop us a line if you think another company should been up there, too, at info@planetcompliance.com
In the next article of our series on top companies of our seven RegTech categories we will focus on Monitoring, so stay tuned. If you missed any of the other articles or need more information on RegTech, check out the RegTech Directory.