The European financial services sector is facing a compliance crunch. With the Digital Operational Resilience Act (DORA) now in full effect, thousands of small and medium-sized financial entities are scrambling to meet the Register of Information (RoI) submission requirements. Enter DoraPass, a new SaaS platform designed specifically to help these firms navigate the complex validation process.
The DORA Compliance Challenge
DORA mandates that EU financial entities maintain detailed records of their ICT third-party service providers and submit this information to regulators in a specific format. The Register of Information spans 15 interconnected data templates with strict cross-referencing requirements, covering vendor contracts, service arrangements, and Legal Entity Identifiers (LEIs).
The complexity of these requirements became starkly apparent during the European Supervisory Authorities' dry run exercise: 93.5% of submissions failed validation. For many smaller players in the financial services ecosystem—payment institutions, e-money issuers, and small investment firms—this presents an existential challenge.
What DoraPass Offers
DoraPass positions itself as a purpose-built solution for DORA RoI compliance. Unlike enterprise-grade RegTech platforms that can cost €18,000 or more annually, DoraPass starts at €500 per year for a single entity license.
The platform's core features include:
- Guided Data Entry: Step-by-step forms mirroring all 15 ESA templates, eliminating the need to interpret complex regulatory documentation
- Real-Time Validation: All 116 ESA data quality rules are implemented, flagging errors as users type rather than after submission
- LEI Integration: Direct lookup against the GLEIF registry to auto-populate Legal Entity Identifier data
- Compliant Export: Output in xBRL-CSV format (the regulatory standard) as well as Excel for internal review
- Audit Trails: Complete version history for regulatory accountability
Targeting the Underserved Market
The DORA compliance software market has largely focused on large banks and insurers, leaving smaller regulated entities with few options beyond spreadsheet-based approaches. DoraPass explicitly targets this gap.
"Payment institutions and e-money firms don't have the budget for enterprise solutions, but they face the same regulatory requirements," explains the product positioning. "Many have been using Excel spreadsheets and hoping for the best—the 93.5% dry run failure rate shows how well that's working."
The platform offers a Pro tier at €1,000 annually for firms managing up to five entities, making it attractive to compliance consultants serving multiple smaller clients.
Technical and Security Considerations
For financial services firms, data security is non-negotiable. DoraPass emphasizes its EU-hosted infrastructure with GDPR-compliant data handling. All data remains within EU borders, with encryption both in transit and at rest.
The platform's validation engine implements the complete set of 116 rules published by the ESAs (EBA, EIOPA, and ESMA), ensuring that exports meet regulator acceptance criteria. This addresses one of the primary failure modes seen in the dry run: submissions that were complete but failed structural or cross-reference validation.
Market Timing
With DORA's full application now underway, the timing appears strategic. Financial entities face both the initial submission deadline and ongoing maintenance requirements. A tool that reduces the friction of compliance—particularly at an accessible price point—could see rapid adoption among the thousands of smaller regulated firms across the EU.
DoraPass offers a 14-day free trial without requiring credit card information, lowering the barrier for evaluation. For compliance officers tired of wrestling with spreadsheets and validation errors, that may be an attractive starting point.
More information is available at dorapass.com.