Capital markets and banking technology provider Sensiple is bringing its regtech product Setrega for MiFID II, SFTR and EMIR compliance and reporting to the FR2 data centre in Frankfurt as part of a new agreement with Transaction Network Services (TNS).
MiFID II requires firms to replace traditional manual reporting with automated end-to-end processes that include data collection, validation, report generation and submission. It is critical that the systems adopted are error-free, easy-to-use, deliver on-time reports and include better validation checks to ensure compliance.
Sensiple will use TNS’ managed hosting, colocation and connectivity service to give market access to its regtech system, which can collect, transform and process regulatory data and generate regulatory reports in specific formats. The system can also provide monitoring and governance for various compliance requirements for any financial institution, the firm adds.
“This is an exciting step forward for us as we work to make MiFID II compliance easier for financial market participants operating in Europe,” saysKumaraswamy, managing director and chief operating officer at Sensiple. “Our goal is to help different types of capital markets participants adopt regulatory compliance cost effectively, where cloud infrastructure would enable them to use regtech in a simpler and faster manner while developing secure, error free and on time reports.”
The firm says Setrega is configured to MiFID II, SFTR and EMIR, as well as Basel 1,2 and 3 as well as the Dodd-Frank Act requirements.
Kumaraswamy says, “We have partnered with TNS because of its ability to offer a secure SaaS based model that reduces our Capex investments and future-proofs our service offering. TNS delivers a fully managed, cost-effective, technologically advanced solution and brings the added benefit of its extensive secure trading extranet.”
Stefano Durdic, managing director of TNS’ financial services business, adds. “Today’s announcement addresses the significant demand for access to innovative and cost-effective solutions that can reduce the burden of MiFIDII, SFTR and EMIR compliance. Over the next five years Sensiple anticipates Europe to be one of its biggest growth areas as further new regulations are expected to be imposed on the continent. We look forward to responding to this demand and helping the financial markets meet the current and evolving regulatory challenges.”