UniCredit’s Bulgarian entities build a future‑ready RegTech stack based on Sirma’s RepXpress solution
Client overview
UniCredit Bulbank is one of Bulgaria’s leading universal banks, part of the international UniCredit Group. UniCredit Consumer Financing complements the group’s portfolio with consumer finance services. Together, the two entities operate complex, multi‑system banking infrastructures and must comply with demanding local and European regulations, as well as UniCredit Group’s internal standards for control, security and auditability.
The new Standard Audit File for Tax (SAF‑T) regulation required UniCredit’s Bulgarian entities to extract data from multiple core banking systems, local databases and reporting tools, harmonize millions of records and submit consistent, machine‑readable audit files with full traceability, all within a strict timeline imposed by the National Revenue Agency (NRA).
The Challenge
Turning a single mandate into a reg‑tech backbone
When Bulgaria introduced the SAF‑T, banks had to consolidate vast amounts of financial data and deliver machine‑readable audit files under strict deadlines. For UniCredit Bulbank and UniCredit Consumer Financing (together referred to here as UniCredit’s Bulgarian entities), this requirement became a catalyst for the digital transformation of tax reporting and regulatory data management. Instead of building a one‑off SAF‑T utility, UniCredit’s Bulgarian entities partnered with Sirma to deploy RepXpress, a modular regulatory reporting platform with a specialized SAF‑T module as the first step in a broader reg‑tech suite.
Reg‑tech challenges
Sirma’s reg‑tech suite, anchored by RepXpress, was selected to address three key challenges in UniCredit’s Bulgarian entities’ environment:
- Disparate data landscape Regulatory data was spread across core banking platforms, legacy local databases and various reporting tools, structured differently and maintained by different teams. The entities needed a central platform to consistently ingest, normalize, and govern this data.
- Embedded regulatory logic and data quality SAF‑T introduced precise rules for completeness, accuracy and internal consistency. These rules had to be encoded in a configurable engine, not scattered across spreadsheets and ad‑hoc scripts, and applied reliably at scale.
- Scalable, reusable compliance model The solution had to deliver fast SAF‑T compliance while remaining extensible to future regulatory changes and additional reporting regimes, avoiding “start from zero” projects whenever a new requirement appears.
Sirma’s solution: RepXpress + SAF‑T module
Sirma implemented RepXpress as the central regulatory reporting platform for UniCredit’s Bulgarian entities and activated its specialized SAF‑T module tailored to the Bulgarian specification.
Within this reg‑tech suite, the deployment delivers:
- Centralized Regulatory Data Hub RepXpress aggregates data from all key systems, such as core banking platforms, local data stores, and reporting applications, and normalizes it into a unified data model that can serve multiple regulatory purposes, with SAF‑T as the first use case.
- Configurable regulatory rule engine The SAF‑T module provides a multi‑layer rule engine that encapsulates regulatory and internal business rules. It performs automated checks on completeness, consistency and cross‑field logic, with real‑time anomaly detection before files are submitted to the tax authorities.
- Automated SAF‑T file generation and submission Once data is validated, RepXpress transforms it into the SAF‑T structure and generates files in the required format, which are then submitted to the NRA within the mandated deadlines.
- End‑to‑end audit trail and logging Every transformation and validation step is logged, providing full traceability from the original transaction to the final SAF‑T file, which is a critical feature for internal audit functions and supervisory authorities.
- Security‑by‑design architecture Role‑based access control, detailed logging and data protection measures are embedded into the platform, ensuring full alignment with GDPR and UniCredit Group’s internal security policies.
“Our goal was not just to complete another compliance project; we aimed to establish a regulatory technology backbone. By utilizing RepXpress and the SAF-T module as a central data hub and rule engine, UniCredit’s Bulgarian entities now have a platform that can be reused for future regulatory initiatives.”, said Merdihan Ismailov, VP ‘Fintech Products and Solutions’ at Sirma.
Implementation in a complex banking environment
The project started in August 2025, with a fixed deadline to generate accepted SAF‑T files by 2 March 2026. Sirma and UniCredit’s Bulgarian entities formed a joint project team across finance, tax, IT and regulatory reporting to deploy the platform in phases. The project was delivered under strict deadlines set by the National Revenue Agency within a highly complex banking infrastructure, with no room for failure.
Key implementation steps included:
- Connecting RepXpress to the core banking and satellite systems of the two entities through standard interfaces and configured data feeds
- Mapping data from each source system into the SAF‑T‑compliant model within RepXpress
- Configuring the rule engine with both SAF‑T regulatory rules and entity‑specific data quality checks
- Enabling full audit trails and detailed logging as standard platform capabilities
- Applying UniCredit Group’s security and access control model within RepXpress to match group policies
Despite the complexity of the environment - multiple systems, large data volumes and strict regulatory deadlines, the solution went live on time, with the first SAF‑T files generated and accepted by the National Revenue Agency within the required timeframe.
“With the SAF‑T project we moved from fragmented, largely manual tax reporting to a centralized, fully traceable process. The RepXpress‑based SAF‑T Data Hub gives us consistent data, automated controls and confidence that we can respond quickly to future regulatory changes,” added Irina Petrova, Director of Financial and Regulatory Reporting and Tax at UniCredit Bulbank.
Business impact: a future‑ready reg‑tech platform
With RepXpress and the SAF‑T module in place, UniCredit’s Bulgarian entities have transformed SAF‑T reporting from a manual, reactive process into an automated, centrally governed capability. They now benefit from:
- Automated, end‑to‑end SAF‑T reporting The entire process, from data ingestion to file submission, runs on a single platform, reducing manual effort and operational risk.
- Higher data quality and regulatory confidence Built‑in validations and real‑time anomaly detection improve the accuracy and consistency of information submitted to the National Revenue Agency and strengthen trust with the regulator.
- Measurable operational efficiency The centralized SAF‑T platform significantly reduces manual preparation time and improves the predictability and repeatability of tax reporting cycles.
- Reusable reg‑tech capabilities The same data hub, rules engine and audit trail can be extended to support other regulatory regimes, turning the SAF‑T initiative into a foundation for a broader reg‑tech suite.
- Lower long‑term cost of compliance New regulations can be implemented largely through configuration and rule updates, rather than entirely new projects, improving time‑to‑compliance and lowering total cost of ownership.
Sirma And UniCredit Bulbank and UniCredit Consumer Financing Partnership
This project demonstrates how banks can leverage the SAF-T regulatory requirement to implement a modern reg-tech backbone. Sirma’s RepXpress platform, with the SAF-T module, provides a configurable regulatory reporting suite that ensures quick compliance and establishes a scalable foundation for future regulatory needs. It highlights how regulatory initiatives can enhance a bank’s reg-tech capabilities and support long-term digital transformation in regulatory reporting.
Disclaimer: The project has been shortlisted for the Digitalk x A1 Awards 2026 competition. Read the story here
