Interoperability in the banking and financial sector may concern: - regulatory framework, payment solutions and infrastructures for common use by payment service providers and digital transactional platforms; - financial reporting information standards and solutions, for use by listed companies that are required to prepare their financial statements in accordance with International Financial Reporting Standards (IFRSs), as adopted by the European Commission; - regulatory reporting standards and solutions, concerning, among other things, the IFRS-based financial reporting templates for supervisory purposes (known as “FINREP”), and the capital requirements and own funds reporting templates (known as “COREP”), based on the new EU framework for banking regulation under the Capital Requirements Regulation and Capital Requirements Directive (CRR/CRD IV); the aim of such reporting to provide supervisors with all relevant information on the financial institutions’ risk exposures, as well as their capital and liquidity positions. Financial reporting forms the basis for regulatory reporting.