AxiomSL, the provider of regulatory reporting and risk management solutions, today announced the strategic partnership with German technical and regulatory support provider GridCon to leverage its German reporting know-how and extensive knowledge on data models for risk free data migration and address the new client data transition demand in the market.
The reason AxiomSL chose to partner with GridCon for German regulatory reporting is to expand their footprint in the region through benefiting from GridCon’s long term consultancy and extensive knowledge of the reporting obligations in Germany.
Regulatory reporting solutions in the German market are based on standard interfaces. The clients send their raw data according to the definition of these standard interfaces as csv, text or XML files. With this new partnership, GridCon’s adaptor will take these standard interfaces and convert the delivered data into the AxiomSL input data models, such as FINSTAT. This will allow a seamless integration of the currently implemented interface to AxiomSL platform, which will require zero effort from the client side on interfaces-adaption.
AxiomSL will be able to fully replace new clients’ existing regulatory reporting solutions via the adaptor provided by GridCon. This will enable an easy, seamless and efficient data transition over to AxiomSL’s strategic platform, where the regulatory reports will be generated and submitted to the relevant authorities within short implementation timeframes.
Hasan Mercan – Managing Director, GridCon commented:
The cooperation of AxiomSL and GridCon combines the core competencies of two market-leading companies in the banking industry. GridCon provides consulting services based on a stable customer base in the German banking sector. We are looking forward to a successful partnership with AxiomSL, a leading technology partner, for regulatory reporting solutions.
Ed Royan, CEO, AxiomSL EMEA added:
We are very pleased to partner with GridCon, in line with our vision to expand AxiomSL’s footprint across Germany for regulatory reporting and risk management. This strategic agreement will provide us with a key tool for easy and seamless data migration process from other vendors over to AxiomSL’s regulatory platform. With the opening of our new Frankfurt office, we are thrilled to address the requirements of Germany-based financial institutions for an effortless data transition. Thanks to GridCon’s well-designed adaptor and AxiomSL’s enterprise-wide data management capabilities, such migration process will be extremely easy to implement, keeping legacy systems unchanged whilst increasing workflow efficiency.