Regnology has today unveiled its plan to migrate entirely to cloud-based delivery of its eminent regulatory reporting solution suite by 2024.
This visionary suite comprises both Regnology Abacus, tailored for banking and transaction reporting, and Regnology Tax, expertly designed for client and regulatory tax reporting.
At the heart of this strategic shift lies the prominent Rcloud platform. Originally launched in a landmark partnership with Google Cloud in 2022, Rcloud has become a pivotal force in driving the financial industry’s shift towards comprehensive cloud deployment and service capabilities, specifically targeted at regulatory compliance procedures. This cloud momentum is evident as, in a mere span of two months, over 100 European banks have onboarded the Rcloud platform.
To shed light on what both companies bring to the table: Regnology is a revered name in offering unrivalled regulatory reporting software, amalgamated with deep-seated regulatory expertise. Google Cloud, on the other hand, is synonymous with unparalleled cloud computing solutions that are robust, versatile, and futuristic.
Together, the synergy of Regnology’s top-tier software and Google Cloud’s robust infrastructure not only automates but also seamlessly streamlines the entire reporting workflow. This adaptability ensures that firms can effortlessly navigate the dynamic landscape of regulatory reporting mandates, all while enhancing operational efficiency and honing their competitive advantage.
Further insights into the partnership reveal Rcloud’s plan to harness Google Cloud’s robust infrastructure. This collaboration aims to enhance Regnology’s core capabilities in regulatory banking and tax reporting. Additionally, it seeks to ensure that all forthcoming regulatory mandates and breakthroughs in AI innovation are entirely cloud-based.
Regnology chief executive officer Rob Mackay commented, “With Rcloud, financial institutions and business organisations can evolve into consumers of regulatory services and zero in on a strategic, data-centric compliance approach, rather than channeling resources to perpetually revamp their reporting infrastructure in the face of rapid regulatory reporting transformations.”
Toby Brown, managing director of Global Banking Solutions for Google Cloud, shared, “With this strategic transition to Google Cloud, Regnology is sculpting a platform that stands as reliable, sustainable, secure, and inherently scalable, positioning it perfectly to tackle the pressing data and infrastructure challenges besieging the regulatory reporting sector.”
Mackay further added, “As regulatory demands devour increasingly intricate regulatory reporting data sets in real time, the cloud emerges as the linchpin to seamlessly bridge the final leg of reporting for the regulated and the initial data collection phase for regulators. Paired with the potential to champion the industry’s shift to carbon-neutral reporting infrastructures, we’re convinced that this paints a picture of the future of regulation.”
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