Austrian Banks Shift Regulatory Reporting to Nasdaq Cloud
Austrian banks are set to move their regulatory reporting infrastructure to the cloud following an agreement between Austrian Reporting Services (AuRep) and Nasdaq.
The deal, announced yesterday, will see approximately 90% of Austrian credit institutions transition from legacy on-premises solutions to Nasdaq's cloud-based AxiomSL platform.
AuRep, established in 2013, represents a consortium of major banks and financial service providers in Austria who have collaborated to consolidate regulatory reporting onto a shared platform.
The organisation serves as the central point of contact for reporting entities in the country, aggregating data into a centralised system before transmitting it to the Central Bank of the Republic of Austria.
Cloud Migration Driven by Regulatory Pressures
The move comes as European financial institutions face increasingly complex supervisory requirements.
The migration to a cloud-based solution reflects growing market demand for regulatory technology that can adapt flexibly to evolving compliance mandates.
“AuRep is a truly unique and innovative response to regulatory complexity and setting the global standard for simplifying regulatory reporting compliance,” says Ed Probst, Senior Vice President of Regulatory Technology at Nasdaq.
“European banks are subject to intense supervisory oversight and ever-greater reporting requirements, which is driving increasing demand for cloud-based platforms that can readily adapt to change while providing scalability and the highest standards of security.”
The transition to Nasdaq's Software as a Service (SaaS) model will enable AuRep to deploy regulatory updates rapidly and scale capacity to meet the needs of the Austrian banking sector.
The platform will support compliance with forthcoming regulatory changes, including the European Union's Integrated Reporting Framework (IReF).
Preparing for the Integrated Reporting Framework
IReF represents a significant change in statistical reporting requirements across eurozone banks.
The framework aims to harmonise reporting standards but will substantially increase the volume, granularity and frequency of data submissions from financial institutions.
Many banks may struggle to comply with these new requirements without modernising their data architecture or adopting cloud-based solutions.
The Nasdaq AxiomSL platform is designed to integrate these changes, potentially offering AuRep members more efficient compliance pathways.
Kenneth Born, CEO at AuRep, explains the decision: “We selected Nasdaq AxiomSL to future-proof our Common Reporting Platform, optimised according to our Target Operating Model drawing on innovative, scalable, and fully compliant public cloud infrastructure.
“Adapting this software in line with the Austrian Central Bank's granular Integrated Reporting Data Model, continues the success story of the Austrian standardised granular reporting platform.”
Born adds that the system “enables banks to create and submit reports legally required under Austrian and European regulations, with tailored and efficient software in a consistent and highly standardised manner, while realising economies of share”.
Technology Capabilities
“We are proud of our track record in delivering the highest quality regulatory reporting products and services and AuRep's rigorous selection process has confirmed the same”
Nasdaq AxiomSL functions as a comprehensive data management and regulatory reporting platform. It centralises and scales regulatory reporting processes from a single cloud-enabled platform, supporting compliance with 110 regulators across 55 jurisdictions.
The platform is backed by a global team of industry specialists who support rapid market entry as financial institutions expand into new markets or asset classes.
This capability may prove valuable for Austrian banks navigating the complex regulatory landscape of European financial services.
Nasdaq's technology currently serves 97% of globally systematically important banks, half of the world's top 25 stock exchanges, 35 central banks and regulatory authorities, and 3,500 clients across the financial services sector.
The technology firm positions itself as a platform partner that leverages industry experience and cloud managed service capabilities to address operational challenges in financial services.
AuRep, which is owned by the majority of Austrian banking groups, provides an audit-compliant framework for its members.
The organisation aggregates data into a central client-isolated reporting system before transmitting information to the Austrian central bank.
“We are proud of our track record in delivering the highest quality regulatory reporting products and services and AuRep's rigorous selection process has confirmed the same,” Ed concludes.
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