Finextra recently highlighted a pitch by Fabian Vandenreydt, Chief Strategy Officer at Greenomy, during the Sibos Discover stage. He presented the fintech’s initiative aimed at simplifying sustainable finance reporting for banks and corporations, aligning with the EU Taxonomy, SFDR, and CSRD/NFRD regulations.
The EU Taxonomy encompasses 2,500 data points, placing a significant reporting obligation on tens of thousands of European firms regarding their ESG performance. Vandenreydt explained, “Our role is to streamline data capture and facilitate the generation of reports for regulatory submission.”
Given the complexity of managing loan books with numerous counterparties—3,000 or more for many banks—collecting the necessary ESG data becomes a daunting task. Banks need this information to determine their Green Asset Ratio for reporting to the European regulator, with compliance costs potentially reaching €2.5 billion over the next five years.
A critical aspect of Greenomy’s approach involves ensuring the integrity of the data used in reports. Vandenreydt emphasized, “We prioritize authentic data sourced directly from corporations to combat greenwashing and ensure accuracy.” Greenomy’s audit portal enables corporate auditors to verify the data’s plausibility before credentials are submitted to regulators, banks, or investors.
The fintech offers four interconnected cloud-based portals customized for the reporting needs of banks, corporates, investment managers, and will soon include insurance providers. In January, Euroclear made an investment in Greenomy, extending its reporting services to a broader network.
Vandenreydt expressed enthusiasm about joining the Euroclear family, stating that this collaboration supports Greenomy’s goal of mutualizing the data it collects. As more banks adopt the platform, companies can streamline compliance efforts, allowing banks to utilize this corporate data for improved internal risk management and credit assessments.
Currently, Greenomy is connected to 12 banks and is actively selecting partner institutions across Europe to facilitate the rapid onboarding and assessment of multiple corporates simultaneously.
“Our mission is to accelerate the transition to a sustainable future,” Vandenreydt declared. “Financial service providers have a critical role in supporting this shift, helping corporates measure their sustainability, finance their efforts, and act as partners in the green transition. This presents a significant opportunity for banks to distinguish themselves as facilitators of a real economy.”
Later that day, Greenomy’s CEO, Alexander Stevens, presented on the SWIFT Innotribe stage, earning first place in the sustainability category. He remarked, “It is an honor to receive validation for our sustainability mission from leading market infrastructures. We look forward to collaborating with SWIFT and its community.”