UK-based RegTech company eflow Global has launched a major update for its regulatory reporting hub, TZTR.
Version 2.0 will work alongside eflowâ€™s trade surveillance and best execution software TZ to form a holistic, integrated suite of regulatory compliance solutions.
Research from the RegTech company found that 59% of financial firms found keeping up with rapid regulatory change was a principal difficulty with complying to reporting requirements. Another major constraint was the over-reliance of manual procedures, according to 50% of respondents.
Finally, the report highlighted issues with data management, with 63% of firms having difficulties collating multiple data sources.
As a result of this, eflow worked with its customers to identify solutions to overcome these challenges. Version 2.0 will now be able to collect, ingest, test and perform real-time reconciliation on data from any data source, regardless of format.
Another new feature is its integration with eflowâ€™s PATH platform, a data management and development solution, which will enableÂ a client to easily implement changes near-instantly. With this power, clients will be able to comply with new regulations as they change, without needing long development processes.
Finally, the updated solution will reduce human intervention across workflows. The technology will automatically handle data enrichment, reconciliation and accuracy checks as well as formatting submission and error handling.
eflow Global CEO Ben Parker concluded, â€œTime and time again we come across firms whose reporting procedures canâ€™t keep up with the complexity of current requirements. TZTR version 2.0 has been designed specifically to solve this problem.â€
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