REGTECH REIMAGINED

“Scott Logic have helped us explore the art of the possible by redesigning our reporting solution in line with new regulation to make it not only intuitive but a pleasure to use.”

Chris Thompson, Product Director, NEX Regulatory Reporting

NEX Regulatory Reporting and Scott Logic collaborated on a regulatory reporting platform with an intuitive user interface. The platform allows users to process large volumes of data and deliver final reports to regulators with a high level of transparency.

The teams set out to create a platform that would be adaptable to various global reporting regimes, and could produce powerful insights with minimal click-throughs. Scott Logic’s experience in UX-led development and the creation of systems for complex financial services tasks provided NEX Regulatory Reporting (NEX) with a product that uses modern web technologies, while minimising time, effort and cost.

Scott Logic RegTech

/ PARTNERS IN REGTECH

Financial services firms are now experiencing an increased reporting burden. New regulation and directives are increasing complexity and reporting challenges at different points in a trade’s lifecycle, across transaction and transparency reporting.

In order to offer their clients a comprehensive reporting solution that not only handles today’s reporting challenges but also prepares clients for whatever is around the corner, NEX Regulatory Reporting embarked on a major re-design of their platform in collaboration with Scott Logic. The project aim was a complete re-imagination of NEX’s existing reporting service, introducing a next-generation user interface with the ability to take data from any source system and make it reporting-ready.

RegTech Reimagined

/ RAPID DESIGN, RAPID BUILD

Scott Logic UX consultants began by running a series of design workshops with the NEX operations and product teams to better understand their business goals, existing system, users and user needs. Armed with the findings from the workshops, the UX consultants rapidly worked through a series of solutions, using low-fidelity methods such as sketching and wireframes. Early feedback from the client ensured that the delivery matched the client’s expectations, and an application structure with a keener focus on user needs started to emerge.

More detailed screen-by-screen wireframes, mock-ups, and eventually a high-fidelity clickable prototype were produced in close collaboration with the NEX product owners and in-house IT team. Through regular feedback and visible progress, the application was rapidly shaped.

With Scott Logic’s extensive experience in enterprise-scale HTML5, a suitable set of technologies was selected, including React, TypeScript, and D3. These allowed the development team to rapidly assemble the responsive interface, adhering to modern web standards. The NEX development team delivered the data via a REST API which was consumed by the web application.

During this project NEX had recently re-branded from Abide Financial as part of the wider reorganisation of the ICAP family of companies and services. Scott Logic’s broader involvement in NEX allowed the team to ensure uniform branding and compatibility of the reporting solution with the overall NEX Optimisation vision.

Through close collaboration between NEX and Scott Logic, a successful demo was delivered with a rich and interactive user interface. The new reporting platform allows clients to easily comply with regulations as well as save time and money.