LONDON: RegTech Open Project plc (RTOP) announced a significant £0.2m agreement, representing more than 10% of the Company historical revenues, with a leading Italian cooperative banking group.

The banking group, consisting of over 60 banks with more than 1,400 branches across Italy and total assets in excess of €90bn, has been a client of RegTech Open Project since 2018. The Agreement announced today replaces an existing software licensing agreement with a Software-as-a-Service (SaaS) subscription and the provision of professional services for a data-resilience project.

The Agreement value comprises a SaaS subscription for six months with an option to extend for a further six months. The Agreement represents approximately 400% increase in monthly recurring revenues, reflecting the value of RTOP’s solutions.

The SaaS solution includes software licensing, maintenance, support and cloud infrastructure hosting and provides an effective Internal Control System for Internal Audit, Compliance, Operational Risk, and Anti Money Laundering (AML).

The provision of professional services for a small one-off fee relates to a data resilience project, designed to ensure robust business continuity and to support the implementation of regulatory requirements relating to the ownership and control of the banking group’s own data.

The project demonstrates RTOP’s commitment to providing cutting-edge regulatory compliance and enhanced business continuity technology, services and solutions for its clients, particularly in the case of extreme disruptive events, or during significant reconfigurations of corporate systems.

Ian Halliday-Pegg, Chief Executive Officer of RTOP, said: “This agreement represents another significant milestone in the delivery of the Group’s strategy. This deal not only demonstrates the industry leading capabilities which RegTech Open Project offers its clients, but also highlights our ability to develop and grow value-based relationships with high profile, systemic European banking groups.”