The banking industry is asking us for help with regulatory change

By José María Lanseros
18 May 2018


The banking industry is spending a lot of time and effort over mandatory, highly demanding regulations.
Companies like AxiomSL help to ensure that financial institutions work at what they know best: banking, while this regulatory reporting platform deals with issues that require colossal effort. Banca 15 talked to Robert Quinn, senior manager of AxiomSL Iberia, about the regulations, the regulator and other issues.

— What relationship does AxiomSL have with Spain’s finance industry?

We are a regulatory reporting platform and we help banks to send in the required information.

— Which Spanish financial institutions are you working with at the moment?

We work with 50% of global-systemically important banks around the world and in Spain with major banks like Banco Sabadell and management companies. We also are holding advanced conversations with relevant institutions in the market and in the coming months we will conclude an agreement with a major Spanish bank.

— In the case of Spain, are you talking to large, small or medium banks?

All types of banks. Our platform has different modules so we can offer different products according to our clients’ needs.

— Does the work differ according to the size of the bank?
Small banks do not have to send all the reports to Banco de España and so they have less need for the products we offer.
Nevertheless, as they are smaller, they need help with analysing the regulations and a ready-made product rather than have a separate team reviewing the regulations, putting together a product, putting together a project…
What we do is analyse regulations and provide products.
— Is it cheaper for banks to hire a company to do that work?
It’s a question of concentrating on what you do best: banking, while we analyse the regulations and put together products.
For banks to be able to do that work themselves, they would have to invest in an analysis team, technology and infrastructure.
In my opinion, changes in the regulations are so frequent, that it is better to have a partner to help you.
— On that point, the banking industry can make savings by using your services.
Yes, but it is not just about savings, but about functionality and as the focus is on data quality, it helps them enormously to have a partner like us.
— Moving on to the big banks, what do you think they need?
They mainly have problems with data quality. We began over 25 years ago as a data management and data quality product. With that strategic data management functionality, we can help large clients, including major banks to identify and resolve data quality problems and connect any information from any source to our platform in its original format, and that is different from other offerings on the market.
— Do you offer the same service for all banks?
In Spain, regulatory changes are constant. The regulators are always updating reports, validations, taxonomies and the banks, large or small ones, prefer to have someone empower them to tackle these issues.
We offer the same service to all financial institutions, large, small and medium-sized: our data management functionality and products cover different regulations.
In Spain, clients are looking for solutions that are capable of addressing all the regulations in the country, and this is what we provide to our clients.
As published in Banca15.


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