Regulatory reporting software provider Cappitech signed a partnership deal with Colt PrizmNet. In the run up to the adoption of MiFID II, when increasingly more private and sensitive data will be uploaded, Cappitech is looking to deliver an increasingly secure product.
The regulatory reporting company’s solution Capptivate is a customizable and scalable alternative for adhering to an increasingly complex regulatory framework. The deal with Colt enables Cappitech to take advantage of the company’s financial services extranet Colt PrizmNet, a private network with increased security.
Capptivate is connecting directly to PrizmNet via a VPN network, which enables clients of Cappitech to have a more secure line through which to submit their reporting data.
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Commenting on the deal, Cappitech’s Business Development Manager, Ron Finberg, said: “We are seeing growing interest from financial firms looking towards cloud solutions to increase operational efficiency. But, client and trade data security is still a major concern when deploying products in the cloud.”
Post-MiFID II Increasing Reporting Volumes
The volume of regulatory reporting which financial services companies are required to do is set to increase materially in light of the introduction of MiFID II in 2018. The new regulatory framework is tapping into increasingly private data of clients and the secure handling and delivery of information will be key to the financial services sector.
Capptivate supports proprietary file formats as well as aggregate multiple trade files for companies that use multiple trading platforms and prime brokers.