Regnology, a Germany-based software provider focused on regulatory reporting solutions, has introduced two new product offerings dubbed Rconnect and Regnology ChatBot.

By utilising automation and artificial intelligence (AI), the new solutions are designed to bring together regulated financial institutions and financial regulators on a single, streamlined communications platform.

Regnology CEO Rob Mackay said: “Our mission at Regnology is to unite regulators and regulated entities to mitigate risk and help prevent financial crises.

“With Rconnect and our Regnology ChatBot, we are breaking down barriers that hinder effective communication in today’s complex regulatory landscape.”

Rconnect will transform the way regulated financial companies interact with financial regulators, said the company.

It streamlines communication between both parties with the help of AI to eliminate manual efforts and mitigate the risks associated with misunderstood regulations.

Besides, Rconnect is designed to speed up the clarification process for comprehending and executing new regulations effectively.

The new solution also offers better visibility, control, and efficiency for all parties across the complete lifecycle of regulatory reporting communication, claimed Regnology.

Scheduled to be officially launched in Q2 2024, Rconnect will be available to both Regnology clients and non-clients.

Regnology ChatBot is an AI-powered support tool that is expected to serve as a reliable source for prompt interpretation of new regulatory guidelines.

It will help both regulators and those they regulate to get immediate clarity on their obligations along with ensuring compliance within strict timelines.

Regnology ChatBot will also enable support teams to gain profound insights into customer issues by analysing user interactions swiftly during problem encounters.

The chatbot is expected to be rolled out in late Q1 2024.

Regnology chief product officer Linda Middleditch said: “Our Regnology ChatBot transforms how our clients navigate through ever-evolving regulatory frameworks. It provides real-time information critical for businesses seeking rapid comprehension of new mandates.”