The mandate is the second to be won by AxiomSL, which already provides its regulatory reporting platform for Banco Sabadell’s UK arm TSB.
In Spain, the bank will use the platform for European Banking Authority reporting to the relevant national regulator and supervisor, and for local central bank reporting, for requirements under the liquidity coverage ratio, net stable funding ratio, common reporting, and more.
The AxiomSL platform is designed to support all of a firm’s regulatory reporting requirements and to update quickly in the case of changes in rules, providing new, up-to-date templates within a month of changes coming into effect.
It also allows firms to submit data in its original format, reducing cost to clients and increasing transparency.
Ed Royan, chief executive for AxiomSL in Europe, the Middle East and Africa, said: “Ongoing changes to reporting requirements continue to create challenges for financial firms." "The way in which we are able to separate our regulatory update releases from our software releases enables us to deliver new report templates quickly, making sure our clients remain compliant. We look forward to developing our relationship with Banco Sabadell over the coming years.”