Openbank, the digital banking unit of Spanish lender Santander Group, has selected AxiomSL strategic platform to support regulatory reporting.

Under the initiative, Openbank will utilise the AxiomSL platform to deploy Central Bank, Capital, Liquidity, Trade and Transaction and AnaCredit reporting for European and South American countries.

The vendor said that the choice of its platform was driven by its capabilities to swiftly implement regulatory requirements across jurisdictions and lower compliance costs.

AxiomSL platform initiates regulatory objectives quickly

Santander has already implemented regulatory reporting requirements in the US and Mexico utilising AxiomSL’s regulatory platform.

Openbank CTO and COO Cristobal Miralles said: “AxiomSL’s ability to accommodate multi-jurisdictional and multi-faceted regulatory requirements was the key factor behind our decision to select its solutions.

“The platform will automate the full process from data capture to reporting submission to meet our central bank, capital and liquidity compliance requirements, saving us time and resources to focus on our core business activities.”

Besides facilitating regulatory compliance, the platform enables clients to monitor as well as identify and eliminate errors committed in manual processes.

AxiomSL EMEA CEO Ed Royan said: “We are pleased that Openbank has selected our platform for central bank, capital and liquidity compliance across the globe.

“As regulatory requirements intensify, firms must adopt agile solutions to efficiently meet these highly complex demands with ease and confidence.

“AxiomSL offers a single platform that can be used to tackle these multiple compliance requirements globally. We look forward to a long-term partnership with Open Bank.”