Finastra has released a new reporting tool tailored specifically for Securities Financing Transaction Regulation (SFTR).
The regulation enters the market on April 2020 and will require financial and non-financial counterparties to report their SFTs to an approved EU trade repository.
Its new tool is built on Finastra’s existing regulatory reporting solution and is based in the cloud to give banks fast, automated trade reporting to reduce costs around data capture and compliance.
Finastra offers regulatory reporting as a service, a tool which collects and checks transaction information such as repurchase transactions, securities or commodities borrowing and margin lending agreements. By integrating this service, banks can handle new and changing regulations will keeping inline with existing requirements.
Finastra general manager treasury and capital markets Michael Henssler said, “From April 2020, banks and investments firms will need to start reporting on securities financing transactions – a daunting task should they not have the right resources and technologies in place.
“By moving Regulatory Reporting to the cloud, as a managed service, we are enabling banks to report at speed, removing complex manual processes. Those who chose cloud-based technology will be more prepared when it comes to new regulations and can free up resources to focus on new revenue streams.”
Earlier in the year, the RegTech company partnered with the Depository Trust and clearing corporation (DTCC) along with Catena Technologies and Compliance Solutions Strategies. Its agreement was made to support SFTR compliance.
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