Capital markets and banking technology specialist Sensiple is bringing its Regtech product SETREGA for MiFIDII, SFTR and EMIR compliance and reporting to the FR2 data centre in Frankfurt as part of a new agreement with Transaction Network Services (TNS).
Sensiple will use TNS’ managed hosting, colocation and connectivity service to give market participants fast, secure and efficient access to its Regtech system, which is designed to integrate with any financial services firm, including buy/sell sides and venues. It can collect, transform and process regulatory data and generate regulatory reports in specific formats with minimal customisation, making it quicker and simpler for firms to adopt a Regtech infrastructure. It can also provide monitoring and governance for various compliance requirements for any financial institution.
“This is an exciting step forward for us as we work to make MiFIDII compliance easier for financial market participants operating in Europe,” says Kumar Murugan, 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.”
SETREGA is configured to MiFIDII, SFTR and EMIR, as well as BASEL 123 and the Dodd-Frank Act requirements, making it a highly focused and critical tool for banking institutions, buy and sell-side firms, and the trading venues themselves. SENSIPLE also offers other products like PhiFix Multiprotocol solutions, PhoKast post-trade solution for buy/sell-side firms and trading venues, and Swapcue, a mobility, trading, and wealth management platform.
Kumar Murugan adds: “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.”
MiFIDII 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.
Stefano Durdic (pictured), Managing Director of TNS’ Financial Services business, says: “We are delighted to be working with Sensiple. 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.
“TNS’ solution is a flexible and scalable approach that will support Sensiple as demand evolves. 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.”
TNS’ solution replaces Sensiple’s existing client-hosted model. This will shorten Sensiple’s customer onboarding process and provide further competitive advantage by making Sensiple one of the few providers that can offer a cloud-based solution. Existing on-net TNS customers wishing to use the SETREGA service will be able to establish a connection within a matter of days. This engagement with TNS will also help Sensiple offer its solutions globally, including across the Americas, Asia Pacific, Middle East and African regions.
