Austria's Regulatory Reporting Infrastructure to Move to the Cloud with Nasdaq AxiomSL

Core Viewpoint - Nasdaq has entered into a technology partnership with Austrian Reporting Services (AuRep) to enhance regulatory reporting for the Austrian financial services industry, focusing on compliance with the EU's Integrated Reporting Framework (IReF) [1][2][3] Group 1: Partnership Details - The agreement will facilitate approximately 90% of Austrian credit institutions transitioning their regulatory reporting infrastructure to the cloud, moving from legacy on-premises solutions to Nasdaq AxiomSL [2][3] - AuRep is a collaborative initiative among major banks and financial service providers in Austria, aimed at consolidating regulatory reporting onto a shared platform [1][4] Group 2: Technology and Compliance - Nasdaq AxiomSL will enable AuRep to quickly implement regulatory updates and scale operations to meet the needs of the Austrian banking community, ensuring compliance with future regulations like IReF [3][4] - The IReF aims to standardize statistical reporting across euro area banks, increasing the volume and frequency of data submissions, necessitating modernization of data architecture for compliance [3][4] Group 3: Platform Capabilities - Nasdaq AxiomSL is designed to simplify regulatory reporting processes, allowing clients to centralize and scale their reporting from a single cloud-enabled platform, supporting compliance with 110 regulators across 55 jurisdictions [5][6] - Nasdaq's technology is utilized by 97% of global systematically important banks and over 3,500 clients in the financial services sector, showcasing its extensive reach and expertise [6]