Paris, July 22nd, 2021 - Regulatory reporting is a complex and cumbersome task for all players in the financial sector because it’s subject to strict regulations. Today, TagPay, editor of a next-generation Core Banking System (CBS) and Invoke, a European leader in financial, tax and regulatory reporting solutions, announced the release of a turnkey solution for fintech companies and neobanks. The solution ranges from assisting in rapidly developing new customer-centric banking services to full compliance with prudential regulatory reporting requirements at French and European supervisory authorities (ACPR, EBA, ECB, SRB)
This solution deals with the crux of any banking solution: essential technical architecture. TagPay’s CBS handles the operational side, including management of customer accounts, management of transactions (payments, transfers, etc.) and products (credits, savings, etc.), as well as the recording of all transactions linked to customer accounts (auxiliary accounting). The downstream service for producing prudential regulatory declarations is handled by Invoke’s 100% web-based SaaS solution.
TagPay's next-generation CBS is cloud-native and allows its customers to avoid committing resources as they develop this essential foundation indispensable to any banking business. This allows them to focus on their product innovation strategy. TagPay’s partnership with Invoke makes it possible to extend its solution to the last mile of regulatory reporting. Beyond innovation, TagPay’s solutions offer customers a banking environment that meets the highest security standards.
Invoke is in the vanguard of leading European RegTech companies and offers tactical and strategic regulatory solutions for banking and insurance sectors. These solutions are highly flexible, available in SaaS mode, and are natively integrated into the Invoke solution. They include the latest technologies for publishing, producing, and validating regulatory reporting, particularly in XBRL format.
"I am delighted that Invoke can team up with TagPay to make it easier for those in the financial industry to do their jobs. From an operational and regulatory standpoint, our teams will be able to provide a complementary level of expertise and help these players to address tomorrow’s digital challenges with confidence.”
Antoine Bourdais - Director of Invoke's Regulatory Business Unit
"Our goal is to offer our customers innovations that are more and more in line with consumers' digital habits. We are thrilled to leverage Invoke's technology to facilitate this task and to guarantee our customers a quality performance, all in compliance with in-force national and supranational regulations. Our synergy allows us to offer our customers an end-to-end software solution, both from a technical perspective as well as from a business perspective.”
Yves Eonnet - Chairman and Founder, TagPay
TagPay is a French fintech company that provides an open, flexible, and scalable next-generation CBS. This solution allows financial institutions (retail banks, digital banks, and payment and electronic money institutions, etc.) to better meet their customers' expectations with new and ever-changing digital financial products. TagPay employs 45 people in Boulogne-Billancourt (France). TagPay's CBS is implemented in more than 25 countries and has helped create more than 30 financial institutions. Its 30-some-odd customers include major banking groups and payment institutions such as YUP! (Société Générale), eZyness (a subsidiary of La Banque Postale), and Trust Merchant Bank. TagPay manages more than 7.2 million end-user accounts. Since its creation, TagPay has raised €28.5 million from Société Générale and Long Arc Capital, confirming its ambition to grow internationally.
Invoke, created in 2001, publishes software packages dedicated to the processing of financial, tax, and regulatory information. Invoke is a French stalwart in the field of tax management for large and mid-sized companies and has also established itself as a leading player in RegTech and SupTech in Europe due to its innovative solutions for regulatory reporting and financial supervision. Its cutting-edge expertise, particularly in XBRL and inline XBRL technologies, makes Invoke a preferred partner for national and supranational supervisory authorities, as well as for banks, insurance companies, and groups of companies required to comply with national and European regulatory requirements, such as CRD V, Solvency II, or ESEF. As an EDI partner of the French tax authority (DGFiP) and a founding member of XBRL France, Invoke currently supports 1,800 customers in 34 countries.
To learn more about Invoke solutions, visit Invoke - Financial Reporting (invoke-software.com).
Yasmine Tebaa (Head of Marketing & Communication)
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