AxiomSL, the leading global provider of regulatory reporting and risk management solutions, announced today that Banco Sabadell has chosen AxiomSL’s strategic platform to automate its regulatory reporting.
The platform will be implemented at Banco Sabadell’s headquarters in Barcelona and is the bank’s second project with AxiomSL, having also used AxiomSL for its UK arm, TSB.
Banco Sabadell will use the platform, which boasts native XBRL functionality, for reporting to the relevant national regulator and supervisor. The coverage will include Common Reporting (COREP), Financial Reporting (FINREP), Liquidity Coverage Ratio (LCR), Net Stable Funding Ratio (NSFR), Asset Encumbrance (AE) regulatory requirements as well as all local central bank reporting.
AxiomSL will support all of the report templates required by Banco Sabadell and the latest versions of the EBA’s XBRL taxonomy. When these are changed by the regulator, AxiomSL releases updated versions within a month. This unrivalled delivery time was an important factor in Banco Sabadell’s decision to choose AxiomSL.
National and European reporting requirements continue to change frequently. By working with AxiomSL, Banco Sabadell will always have access to the most up-to-date report templates and will have ample time to test them before the submission deadlines. The flexibility and time to market offered by AxiomSL make its platform very attractive.
With AxiomSL, firms do not need to use an Extract, Transform, Load (ETL) integration layer to convert their data in to a specific format before loading it onto the platform. Instead, they can load their data in its existing format. This increases time to market and transparency, and reduces total cost of ownership.
“We are very pleased to have been selected by Banco Sabadell. We have many years of experience in EBA reporting and are confident that we will continue to deliver excellent results on this project,” said Ed Royan, Chief Executive, EMEA, AxiomSL. “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.”