Belgian lender Banque Nagelmackers is strengthening its regulatory reporting capabilities by addressing longstanding gaps between its accounting systems and financial data processes. The bank is adopting a more integrated approach to data management, aiming to improve reporting consistency, reduce manual reconciliation and give its Finance team greater control over information submitted to supervisors.
Working with Regnology, the bank is placing greater responsibility for accounting data and reporting logic within its Finance department. The initiative comes as European financial institutions face growing scrutiny over the accuracy, consistency and granularity of the information they submit to regulators. For banks relying on fragmented systems, keeping pace with these expectations can create significant operational pressure.
Banque Nagelmackers’ previous infrastructure presented challenges because key accounting calculations were managed within upstream applications rather than directly by its Finance team. This meant financial accounting and regulatory reporting did not always align, requiring employees to make manual corrections and reconcile differences, particularly towards reporting deadlines.
The bank therefore looked to address the source of these inconsistencies rather than continue relying on end-of-period adjustments. Its priority was to establish greater transparency over how transaction data is processed and converted into financial information, while giving Finance more direct control over the underlying accounting rules.
To support this transition, Regnology Finance Hub has been introduced as the bank’s central environment for managing accounting logic and financial information. The platform consolidates balance data and detailed transaction records, creating a common foundation for financial accounting and regulatory reporting. It also automates core accounting activities and the mapping of financial information against reporting frameworks, including FINREP.
Bringing these processes together is intended to improve consistency between the general ledger and regulatory submissions. Where information is spread across separate systems, identifying discrepancies can require considerable manual investigation. A unified data environment allows financial institutions to establish clearer links between underlying transactions, accounting balances and the figures ultimately reported to supervisors.
The solution also accommodates different accounting frameworks, including International Financial Reporting Standards (IFRS) and Belgian Generally Accepted Accounting Principles (GAAP). This enables Banque Nagelmackers to maintain multiple accounting views without duplicating its underlying data processes.
Data availability is another area the bank is looking to improve. The platform captures granular financial information daily, allowing teams to perform validation checks throughout the reporting cycle rather than waiting until the final stages. This could help identify inconsistencies earlier, reduce pressure on reporting teams and limit the need for last-minute corrections.
Regnology identifies improved auditability, a consolidated view of financial information, shorter closing and reporting cycles, and reduced total cost of ownership among the expected benefits. Greater control over accounting data is also intended to make it easier for the bank to respond as supervisory requirements and reporting standards evolve.
The implementation highlights a broader challenge facing the banking sector: ensuring regulatory reporting is supported by reliable data at its source. As reporting obligations become more detailed, institutions must be able to demonstrate how figures have been calculated and trace information back to its underlying transactions. This places greater importance on data governance, audit trails and the relationship between finance and compliance functions.
For smaller and mid-sized institutions, outdated reporting infrastructure can make these requirements particularly difficult to manage. Manual reconciliation not only increases the workload for finance teams but can also leave less time for analysis and oversight. Automating accounting processes and establishing consistent data foundations can help banks improve reporting efficiency while maintaining stronger controls.
Banque Nagelmackers’ chief financial officer said, “For a bank, trust in financial information is non-negotiable. Regnology Finance Hub has given us a sustainable platform that improves control, reduces operational effort, and helps us adapt to new reporting requirements with greater confidence.”
The project with Regnology demonstrates how financial institutions are increasingly treating data infrastructure as a central part of their regulatory compliance strategies. Rather than relying on additional reporting tools to compensate for disconnected systems, banks are looking to strengthen the foundations behind their financial information, improving the accuracy, traceability and accessibility of data used across the organisation.
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