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Source: Regnology
Regnology, a leading international provider of innovative RegTech, SupTech, and tax reporting solutions, successfully accompanied the implementation and go-live process of the third generation of Regnology´s SupTech platform at Banca Naţională a României (BNR).
Starting with January 2022 BNR uses the latest generation of Regnology’s SupTech solution for collection of EBA XBRL frameworks from the banking system.
The implementation of the latest generation of Regnology’s SupTech solution at BNR started in September 2021. With the support of Regnology’s Professional Services team, the SupTech platform has been integrated with BNR’s master data. The user management solution as well as the business intelligence solution for analytics of supervisory data are ready to be integrated into the already existing systems. After a short implementation period of just under four months, the go-live with EBA DPM 3.0 – 3.1 successfully took place in January 2022.
Installed on premise, the third generation of Regnology’s SupTech with its cloud-native and big data software architecture, API- and microservice-based design, as well as DevOps-enabled self-service capabilities, manages to advance BNR’s data collection operations to the third generation of SupTech as defined by the BIS[1].
The SupTech platform unburdens BNR regarding CoRep, FinRep, LCR and other EBA XBRL frameworks by providing out-of-the-box regulation and, thus, allowing BNR to better focus on the data received from the financial industry and on supervisory processes. Regnology’s SupTech solution provides an end-to-end regulatory value chain for EBA data collection from submission of reports in the Portal by the industry, via report validation and visualization, to remittance to EBA, with Romanian translation of the regulatory content. Regnology supports BNR with “regulation-as-a-service” and takes care of updates and maintenance of the regulatory logic as mandated by EBA.
Bianca Besa, Software Engineer at BNR: “With EBA ITS DPM 3.0 new functional requirements have been introduced, which we can now handle with the third generation of Regnology’s SupTech platform. Our overall high interest in the newly proposed solution and the long and trusting relationship with Regnology were very persuasive reasons to stay with the platform as our future data collection solution. Also, with the increasing complexity, heterogeneity, and granularity of data, having a tool that helps managing data collection is an invaluable asset. We are happy that the implementation process went very smoothly and that the tool is up and running now. We look forward for further integration with our internal business intelligence tools in the near future.”
Dr. Robert Binder, Product Manager SupTech at Regnology: “After having been a pilot customer for our first generation in 2014, we are particularly pleased that the bank is once again amongst the first to opt for the third generation of our SupTech platform. This sends a strong message as it proves that our constant pursuit to make our solutions cover new regulatory developments and become even better at facilitating data collection processes for customers pays off. We look forward to being able to support the bank with the efficient management of complex regulatory data also in the future and are happy to continue this journey together.”
Regnology’s SupTech platform is an integrated modular solution for financial supervision. It provides central banks and supervisory authorities with essential functionalities for collecting, analyzing, and disseminating regulatory and statistical data. In this way, Regnology helps regulators to efficiently manage the increasing amount of data, complex data formats and workflows, so that they can focus on their core activities and primary tasks, such as the safekeeping of financial system integrity or customer protection. Regnology’s SupTech offer includes standard regulatory and statistical business content regarding the European supervisory requirements of the European Central Bank (ECB), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA). It facilitates different types of reporting, such as prudential reporting, e.g., EBA’s CoRep/FinRep, EIOPA’s Solvency II, or granular reporting, e.g., ECB’s AnaCredit.
Financial Services
