AuRep partners with Nasdaq for cloud-based regulatory infrastructure

Nasdaq’s cloud-based platform will enable early compliance with incoming regulatory changes, such as the Integrated Reporting Network (IReF).

Austria’s regulatory reporting infrastructure moves to the cloud

AuRep is a collaboration between banks and financial service providers in Austria designed to consolidate regulatory reporting infrastructure into a single, shared platform. It is a response to regulatory complexity, and it aims to simplify the process of compliance.

AuRep operates a common regulatory reporting platform, offering an audit-proof framework for its members. It is a point of contact for reporting entities and financial service providers in the country, aggregating data into a central client-isolated reporting system, which transmits data securely to the Central Bank of the Republic of Austria.

European banks are subject to intense supervisory oversight and reporting requirements, which is increasing the demand for cloud-based platforms that can adapt to change while providing scalability and security. The collaboration aims to move 90% of Austrian credit institutions’ regulatory reporting infrastructure to the cloud, upgrading their legacy on-premises solution to Nasdaq AxiomSL.

Nasdaq AxiomSL is a data management tool that enables clients to centralise and scale current and future regulatory reporting processes from a single end-to-end platform. It supports compliance with 110 regulators across 55 jurisdictions and a quick time to market as banks expand into new sectors or asset classes.

AuRep selected Nasdaq AxiomSL to improve its Common Reporting Platform, drawing on the scalable and compliant public cloud infrastructure. Adapting this software in line with the Austrian Central Bank’s integrated reporting data model enables banks to create and submit reports legally required under local and European regulations.

With this partnership, AuRep is now able to deploy regulatory updates and optimise its capacity to deliver better solutions to the Austrian banking community. Future regulatory changes such as the EU’s incoming IReF will be integrated into Nasdaq’s platform, ensuring timely and cost-effective compliance.

IReF aims to balance statistical reporting across euro area banks. This will significantly increase the volume and frequency of data submissions, meaning that many banks will be unable to comply unless they modernise their underlying data architecture or adopt cloud-based solutions.