Finastra announced that it has launched a Securities Financing Transaction Regulation (SFTR) reporting tool that will help banks prepare for the April 2020 deadline. Built on Finastra’s existing Regulatory Reporting solution and based in the cloud, it meets banks’ need for fast, automated trade reporting, and will help them reduce time and costs associated with data capture and compliance.
Michael Henssler, general manager, Treasury and Capital Markets at Finastra said in a statement, “By moving Regulatory Reporting to the cloud, as a managed service, we are enabling banks to report at speed, removing complex manual processes. Those who chose cloud-based technology will be more prepared when it comes to new regulations and can free up resources to focus on new revenue streams.”
Regulatory Reporting as a Service, hosted in Finastra’s private cloud, is a single regulation tool. It collects and checks transaction information, such as repurchase transactions, securities or commodities borrowing and margin lending agreements, from banks’ own or third-party systems. By plugging their solutions into Regulatory Reporting as a Service, banks will also benefit from easy upgrades, rapid set up and reduced risk. The solution enables banks to be ready to handle new and changing regulations, whilst keeping in line with previous mandates which are also covered in the system, such as MiFID II and EMIR.