Following its major success in providing solutions for the upcoming European regulations, Modelity has been awarded with the award: RegTech Initiative of the Year. Over the past two years, Modelity has been one of the most influential players in the PRIIPs’ Key Investor Document regulation.
Modelity used its expertise in financial analytics and document automation to create a one-stop-shop solution for the generation of PRIIPs’ KIDs, supporting all varieties of PRIIPs, including structured products, over-the-counter and listed derivatives, funds and insurance-based investments.
Apart from implementing its solution for PRIIPs’ KID, Modelity is highly involved in the various forums discussing different aspects of the regulation, such as setting standards for data transformation between manufacturers, developing quantitative methods for dealing with product features not covered by the regulation technical standards and more.
“Meeting the documentation requirements of PRIIPs involves dealing with lot of calculation issues. Given the diversity of the financial products market, banks need robust systems in place to run calculations quickly on thousands of products and scenarios to generate the KID,” says Eran Elad, vice-president for structured products at Modelity Technologies.
To view the full article of the award, click here.