Regnology shifts to 100% cloud delivery of regulatory and tax reporting solutions
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Regnology shifts to 100% cloud delivery of regulatory and tax reporting solutions 01 November 2023Frankfurt Reporter: Carmella Haswell
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Frankfurt-based software provider Regnology has confirmed its decision to completely move to cloud delivery of its regulatory reporting solution suite by 2024.
As part of the shift, the provider’s Regnology Abacus for banking and transaction reporting, as well as its Regnology Tax for client and regulatory tax reporting, will also move to a 100 per cent cloud delivery.
Using its Rcloud platform — launched in partnership with Google Cloud in 2022 — Regnology aims to accelerate the industry’s transition toward fully-fledged cloud deployment and service capabilities for regulatory compliance processes.
Rcloud is designed to enable automation and streamlining of the reporting workflow and processes in an evolving regulatory environment.
Commenting on the decision, Regnology CEO Rob Mackay says: “With Rcloud, financial institutions and business organisations can become consumers of regulatory services and focus on a strategic data-driven compliance approach, instead of investing resources to continuously reshuffle their reporting infrastructure and processes pressed by accelerated regulatory reporting changes.”
He adds: “As regulators’ demands consume increasingly vast and complex regulatory reporting datasets in real time, the cloud is one of the keys to help streamline the last mile of reporting for the regulated and the regulators' first-mile data collection.”
Toby Brown, managing director, global banking solutions for Google Cloud, comments: “With this move to Google Cloud, Regnology is building a platform that is reliable, sustainable, secure and scalable, to help address the data and infrastructure challenges facing the regulatory reporting industry.”
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