The Integrated Reporting Framework (IReF), an initiative by the ECB, aims to streamline banks’ statistical reporting processes across the Eurozone.
According to Regnology, this initiative will consolidate multiple reports into a single, unified framework, ensuring consistent practices among national central banks.
Under IReF, banks will need to provide the ECB with more granular data. This data will enable the ECB and national central banks to independently develop the necessary statistical indicators.
From 2027, banks operating in the Eurozone will need to deliver significantly more data points to the ECB, replacing their existing statistical and supervisory reporting requirements with IReF. The initial replacement scope includes balance sheet items (BSI), monetary interest rates (MIR), securities holding statistics (SHSS), analytical credit (AnaCredit) datasets, balance of payments (BoP), and financial reporting (FINREP).
Banks are expected to be test-run ready by the second half of 2026, with most beginning work on the IReF reporting framework from early 2025.
To comply with IReF requirements, banks must consider three main costs:
Banks will need to conduct a six-month test with live data in H2 2026, followed by a two-year parallel run from 2027-28. This will likely double infrastructure, application, and resource costs.
Banks will need to source large amounts of data with unprecedented granularity, potentially altering their interfaces with upstream systems. Data quality checks and validations will become more complex, as banks must reconcile their general ledger numbers with the granular data. Data lineage and governance will also be crucial for regulatory audits. Therefore, banks may need to invest in strategic platforms capable of managing this complex data process and consolidating granular risk and finance data.
The increased data volumes necessitate that banks validate their existing infrastructure and invest in technologies to automate the reporting workflow process. Investments in cloud infrastructures will be essential to collect and process the granular data required from various upstream systems.
Regnology, a leader in RegTech and SupTech, is well-prepared for the shift to granular data reporting with a proven non-redundant, granular-sourced data model developed over 25 years.
Regnology’s IReF-specific solution addresses key implementation challenges, ensuring data availability and quality, establishing granular data workflows, and increasing the speed and volume of data processing.
Leveraging expertise in both RegTech and SupTech, Regnology’s platform is built for a future defined by granular data regulatory reporting.
One key feature of the platform is powerful data visualisation, which enables automation and simplification for data transformation, report generation, and distribution. This allows financial institutions to respond quickly to new requirements.
The cloud-based architecture of Regnology’s platform offers nearly limitless scalability and ease of interfacing, enabling users to work with granular data directly on their screens. Its robust suite of data management tools facilitates easy processing, effective validation checks, and correction mechanisms throughout the reporting lifecycle, helping to manage larger volumes of data efficiently.
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