Nordea to deploy AxiomSL’s RegCloud for regulatory reporting
Nordea has selected AxiomSL to help it meet risk and regulatory reporting requirements in Scandinavia.
The major European lender will implement AxiomSL’s RegCloud, a managed, cloud-based platform. It will use it to cover Finrep, Corep, AnaCredit, and SHSG reporting needs.
AxiomSL says RegCloud will also aggregate multiple data sources and “rapidly process massive data volumes” to meet regulatory European mandates.
The selection is part of a wider project underway at Nordea to revamp the bank’s legacy reporting infrastructure.
The vendor says it is doing its part in to re-architect and future-proof Nordea’s systems to “drive down efficiency ratios”.
“Earning our customers’ trust and fulfilling our commitment to them is always a priority,” says Nick Livingstone, head of financial reporting and control at Nordea.
“Therefore, investing in a reliable, secure, and transparent regulatory platform that is constantly updated is paramount.
“With RegCloud, we can extend collaboration on rapidly changing regulatory initiatives across the enterprise and achieve operational efficiencies.”
Claudia Thurner, AxiomSL’s chief revenue officer, says it is an “immense pleasure” to work with a “progressive bank” like Nordea.
She adds: “I am confident that this strategic RegCloud implementation will accelerate Nordea’s time to market, reduce implementation costs, and insulate the bank against both technology and regulatory change.”
Nordea is currently undergoing one of the largest core banking projects in Europe. The bank is working with Temenos to switch over from its legacy Misys (now Finastra) and Tieto platforms.
The bank announced an IT write-off in amounting to €1.3 billion in its Q3 2019 figures, comprised largely of impairment charges.