Enhancing Regulatory Reporting: A New Era for Nasdaq and Revolut
LONDON and NEW YORK — Nasdaq recently announced an exciting expansion of its partnership with the global fintech innovator, Revolut. This collaboration focuses on enhancing Nasdaq AxiomSL, a cutting-edge regulatory reporting and risk management platform. Used by a significant number of globally recognized banks, this platform helps firms navigate both domestic and international regulatory landscapes effectively.
Revolut's Integrative Approach to Regulatory Compliance
Revolut has successfully streamlined its regulatory reporting processes throughout Europe, with notable progress in integrating its workflows within the United Kingdom. This strategic partnership positions Nasdaq to support Revolut's expansion, ensuring compliance with an evolving set of regulatory requirements.
Murray Laister's Vision for Growth
Murray Laister, the Head of Group Regulatory Reporting at Revolut, emphasized the importance of scalable infrastructure in their growth strategy. He stated, "As we expand our global footprint, we must ensure our underlying infrastructure scales alongside us. Our collaboration with Nasdaq gives us the flexibilities needed to meet regulatory demands across multiple jurisdictions while fostering innovation and growth."
Commitment to Innovation and Compliance
Ed Probst, Head of Regulatory Technology at Nasdaq, also shared his enthusiasm about the partnership. "Revolut is leading the way in digital banking transformation, and we are thrilled to be part of their journey. Our partnership signifies a shared vision of responsible innovation and relentless pursuit of compliance. By implementing Nasdaq AxiomSL, Revolut can build a resilient infrastructure that adapts to regulatory changes seamlessly," he noted.
Centralized Data for Streamlined Operations
The integration of Nasdaq AxiomSL enables Revolut to bring together essential data from various jurisdictions into one centralized platform. This cohesion not only reduces the complexity of regulatory reporting but also helps ensure data integrity and preparedness for any future reporting demands.
Managed Service for Effortless Compliance
Nasdaq AxiomSL functions as a managed service operating securely in the cloud. Nasdaq's team of specialists oversees maintenance and updates, responding to regulatory shifts and ensuring seamless daily operations. This model allows companies like Revolut to focus on their core business functions while remaining compliant with the latest global regulations, as updates are automatically implemented.
A Legacy of Commitment to Financial Services
With over 135 market infrastructure providers, 35 central banks, and a network of more than 3,800 clients in the financial sector, Nasdaq leverages its extensive expertise to help firms tackle operational challenges while pushing for broader modernization in the industry.
About Revolut: Transforming Financial Management
Founded in 2015, Revolut has quickly become a leader in the fintech space, serving over 65 million customers worldwide with products enabling smart financial management. From its UK origins, the company now facilitates more than a billion transactions each month, showcasing its dedication to enhancing user control and connectivity.
Nasdaq: Catalyzing Market Evolution
As a preeminent technology company, Nasdaq (NASDAQ: NDAQ) is dedicated to assisting its clients—corporate organizations, investment managers, and exchange operators—navigate the complexities of the financial markets. Their goal is to improve liquidity, transparency, and integrity across the global economy, providing data analytics, software solutions, and user-centric services that empower businesses to thrive confidently.
Frequently Asked Questions
What is the focus of the Nasdaq and Revolut partnership?
The partnership aims to enhance regulatory reporting and compliance capabilities through the deployment of Nasdaq AxiomSL, which assists in meeting various regulatory requirements globally.
How does Nasdaq AxiomSL benefit Revolut?
By streamlining data reporting across multiple jurisdictions and providing a centralized platform, AxiomSL helps Revolut maintain data integrity and adapt to changing regulatory standards effortlessly.
What does Murray Laister say about the partnership?
Murray Laister highlights the importance of scalability and adaptability in Revolut's infrastructure, emphasizing the partnership with Nasdaq enables compliance without hindering innovation.
What role does Nasdaq play for financial services firms?
Nasdaq provides insights and technological solutions that cater to the operational and regulatory challenges faced by financial firms, ensuring longevity in industry evolution and compliance.
What is the significance of Revolut's customer base?
With over 65 million users, Revolut stands as a testament to fintech innovation, providing comprehensive financial solutions and fostering global connectivity in financial management.
