Suade Labs has secured a contract to help Mansfield Building Society in the UK in meeting regulatory reporting requirements.

As agreed, Mansfield Building Society will use the full-service offering of Suade Labs’ RegTech solutions. The end-to-end solution will help the building society to introduce automation and meet ongoing regulatory requirements as well as prepare for future changes.

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Mansfield Building Society finance director Dan Jones said: “We were looking for a RegTech solution which would allow us to be more agile and increase efficiencies not only within our regulatory reporting team, but across the wider business.

“Suade will enable a more granular view of our position at any given time for anyone who requires this information within the building society as well as external stakeholders including the Regulator.

“Another of our main goals when procuring a solution was to adopt emerging tech and be at the forefront of innovation. With the increasing focus from regulators to provide more agile governance and transform data collection, to remain competitive, we chose a solution which would allow us to keep up with this increasing change.”

Mansfield is an independent building society serving members since 1870. It offers savings and mortgage lending services among others.

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Suade co-founder and CEO Diana Paredes said: “Mansfield Buildings Society subscribing to the Suade regulatory reporting solution is a great confirmation of the superior technology that powers our platform.

“Being a cloud native solution, we are able to offer our services fully on the cloud. This provides huge economies of scale to the customer and allows the ongoing cost of regulatory compliance to be reduced to a fraction of previous outlay.”