Financial services firm Moody’s Analytics has introduced a regulatory reporting-as-a-service (RaaS) solution for banks.

The cloud-native solution, dubbed Reporting Studio, eliminates the need for the banks to deploy on-premise software to meet regulatory reporting requirements.

Overall, the financial institutions can use Reporting Studio to submit UK-specific reports for the Bank of England (BoE), the Financial Conduct Authority (FCA), and the Prudential Regulation Authority.

With Reporting Studio, they can assess, validate and reconcile the regulatory reports as well as modify data to check their impact.

The Raas solution also supports Basel-type reports for around 50 jurisdictions.

Furthermore, the cloud deployment cut back costs, with Moody’s Analytics managing all regulatory updates and software maintenance.

Moody’s Analytics product manager Tarik Elomari said: “We designed Reporting Studio to help financial institutions drive business efficiencies and respond to evolving regulations more quickly.

“As a RaaS solution, it empowers banks to meet their regulatory reporting needs in a timely and cost-effective manner, since all updates and maintenance are managed by Moody’s Analytics.”

Moody’s Analytics delivers analytical tools to help business in decision making. The Reporting Studio is provided as a part of its Moody’s Analytics Banking Cloud platform, which features software-as-a-service (SaaS) regulatory compliance solutions for risk and finance functions.

Earlier this year, South Africa-based Standard Bank Group partnered Moody’s Analytics to streamline credit processes.