Belgian private bank Banque Nagelmackers is overhauling how it manages financial data, as growing regulatory demands expose the weaknesses of traditional accounting and reporting processes. The bank has introduced a centralised finance platform to improve data accuracy, reduce manual work and bring its accounting and regulatory reporting operations closer together.

The project, delivered with Regnology, centres on giving the bank’s Finance department greater ownership of its accounting processes and the data behind its regulatory submissions. As supervisory expectations continue to increase, financial institutions are under pressure to provide more detailed information, improve reporting accuracy and meet tighter deadlines. For banks operating with fragmented systems, achieving this can become an increasingly expensive and time-consuming exercise.

At Banque Nagelmackers, the challenge stemmed partly from the way accounting information was managed across its existing infrastructure. Much of the logic used to calculate financial figures was held within upstream applications outside the direct control of the Finance team. This created a disconnect between financial accounting and regulatory reporting, leaving employees to resolve discrepancies through manual adjustments, particularly towards the end of reporting periods.

Rather than continuing to address these issues through additional reconciliation work, the bank decided to tackle the underlying infrastructure. Its objective was to create a more transparent and automated environment where Finance could oversee the rules determining how raw transaction data becomes reported financial information.

Regnology Finance Hub now acts as the central platform for the bank’s financial data and accounting logic. It brings together financial balances and detailed transaction-level information, providing a shared reference point for accounting and regulatory reporting teams.

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