Regulations may be a burden on banks but are also driving fintech revenues, as this latest story of a large contract suggests.

A large Swedish bank has chosen AxiomSL’s regulatory reporting and calculations service for its head office and branch network across Europe, the fintech firm announced earlier today, and said further deals are in the pipeline later this year. The identity of the Swedish bank wasn’t disclosed for reasons of commercial confidentiality, a spokesperson for the technology firm told this publication.

The solution will be used in Sweden, Germany, Norway, Finland, Poland, Denmark, Austria and the UK, AxiomSL said in a statement. The regulations that have stimulated demand for the firm’s offerings include a European Union capital markets directive.

“This deal increases our growth in northern Europe and once again demonstrates our ability to meet the needs of a multijurisdictional bank. We look forward to working with other firms on similar projects later this year,” Ed Royan, chief operating officer at AxiomSL, said. 

As regulations, such as those governing capital adequacy, risk and leverage have expanded in the wake of the 2008 financial crisis, so has the need for institutions to gather useful data that they can use to avoid falling foul of the rules.

In Sweden, the bank will harness the AxiomSL platform to automate its statistical reporting and Capital Requirements Directive IV calculations and reporting. The CRD IV calculations and reports include liquidity risk, credit risk, market risk, large exposures, capital adequacy and others issues.

The bank will make use of the same platform to automate branch-level statistical reporting in the seven other European countries in which it operates, it said.