Prognosys Solutions: Reflecting on a Year of Growth and Innovation in 2024
As we approach the end of 2024, it’s the perfect time to reflect on a year marked by innovation, collaboration, and progress. From advancements in regulatory reporting automation for the EU market to impactful national projects, this year has been about enabling agility, transparency, and confidence for our clients across various industries.
Advancing Regulatory Reporting in the EU Market
In 2024, Prognosys Solutions focused on implementing and updating key regulatory frameworks to support our clients in navigating the ever-evolving compliance landscape. Here are some of the highlights:
- Central Electronic System of Payment (CESOP): Implemented from January 1, 2024, to enhance transparency and aid EU Member States in combating VAT fraud. Live reporting across EU countries began in April.
- Interest Rate Risk in the Banking Book (IRRBB): Rolled out in early 2024 for Systemic Banks, this reporting is now widely adopted by all Credit Institutions, with the first reference reporting date on September 30.
- Integration of ESG Pillar 3 Disclosures: Incorporated into DPM and taxonomy, effective December 31, 2023, in alignment with the EBA Decision EBA/DC/498.
- Payment Statistics (PAYSTS): Enhanced reporting aligned with amended Regulation (EU) 2020/2011 on payment statistics, effective since January 2022.
Looking ahead, we're actively working on further regulatory initiatives, including:
- Digital Operational Resilience Act (DORA): Preparing for this critical EU regulation that came into force in January 2023, with full application starting on January 17, 2025.
- CRR3/CRD6 Step 1: Developing amendments to the ITS on Supervisory Reporting, integrating Basel III requirements within the EU, with the first reference reporting date set for March 31, 2025.
National Projects: Supporting Local Impact
In addition to our work on regulatory reporting, Prognosys Solutions has made strides on several national projects this year, each tailored to meet local needs while strengthening systems and processes. Some of our notable accomplishments include:
- Data Collection on Portfolio Exposures (PEX) – Facilitating better financial data management.
- Renegotiations Monitoring (ad hoc) – Providing tools for timely renegotiation tracking.
- Interest Rate Monitoring (INTMON) and Interest Rate Data Collection (IRDC) – Supporting more accurate and transparent interest rate reporting.
- Central Credit Register (CCR) – Establishing systems for clearer credit data visibility.
- goAML – Enhancing anti-money laundering capabilities with modern tools.
- Deposit Guarantee Scheme (DGS) – Updating systems to improve deposit guarantee reporting and monitoring.
- Central Credit Register (ARTEMIS) – Strengthening credit registry reporting processes.
These achievements are a testament to our team’s dedication to innovation, collaboration, and practical problem-solving. Whether it’s through streamlined regulatory compliance or tailored local solutions, our focus remains on delivering value to our clients and the communities they serve.