FRANKFURT, Germany--(BUSINESS WIRE)--Regnology, a software provider with a focus on regulatory reporting solutions, today announced its strategic decision to move to a 100% cloud delivery of its market-leading regulatory reporting solution suite in 2024, including Regnology Abacus for banking and transaction reporting, and Regnology Tax for client and regulatory tax reporting.
Leveraging its landmark Rcloud platform, launched in partnership with Google Cloud in 2022, Regnology is accelerating the industry’s transition toward fully-fledged cloud deployment and service capabilities for regulatory compliance processes. In the past two months, over 100 banks across Europe have been signed on Rcloud.
With the combined power of the Google Cloud and Regnology’s best-of-breed regulatory reporting software and regulatory expertise, Rcloud enables automation and streamlining of the reporting workflow and processes in a perpetually evolving regulatory environment. Firms relying on the hosted platform can remain one step ahead of regulatory reporting requirements and technological change, while realizing efficiencies that protect resources and help them refine their competitive edge.
Rob Mackay, chief executive officer at Regnology, said: “With Rcloud, financial institutions and business organizations can become consumers of regulatory services and focus on a strategic data-driven compliance approach, instead of investing resources to continuously reshuffle their reporting infrastructure and processes pressed by accelerated regulatory reporting changes.”
Toby Brown, managing director, Global Banking Solutions for Google Cloud, said: “With this move to Google Cloud, Regnology is building a platform that is reliable, sustainable, secure, and scalable, to help address the data and infrastructure challenges facing the regulatory reporting industry.”
Mackay concludes: “As regulators’ demands consume increasingly vast and complex regulatory reporting datasets in real time, the cloud is one of the keys to help streamline the last mile of reporting for the regulated and the regulators' first-mile data collection. Coupled with the ability to foster the industry’s transition to carbon-free reporting infrastructures, we believe that this is what the future of regulation looks like.”
Rcloud will leverage Google Cloud’s infrastructure to augment Regnology’s regulatory banking and tax reporting capabilities and make all future regulatory requirements and AI innovation opportunities 100% cloud-deployed.
Regnology is a leading technology firm on a mission to bring safety and stability to the financial markets. With an exclusive focus on regulatory reporting and more than 35,000 financial institutions, 60 regulators, international organizations, and tax authorities relying on our solutions to process their regulatory reporting data, we’re uniquely positioned to bring greater data quality, efficiency, and cost savings to all market participants. With over 900 employees in 15 countries and a unified data ingestion model powering our work, our clients can quickly implement and derive value from our solutions and easily keep pace with ongoing regulatory changes. Regnology was formed in 2021 when BearingPoint RegTech, a former business unit of BearingPoint Group, joined forces with Vizor Software, a global leader in regulatory and supervisory technology. The company is on a continued organic and external growth path, building up as one of the world's most recognized regulatory reporting powerhouses.
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