AxiomSL, a regulatory reporting and risk management solution, has been picked by Banque Palatine to help it meet AnaCredit reporting requirements in France.
Through this new deal, AxiomSL shall help the bank automate its AnaCredit reporting process and guarantee submissions are made quickly.
The AnaCredit regulation was brought in by the European Central Bank to collate granular credit data on individual bank loans assigned by credit institutions to companies or legal entities within the eurozone.
Reporting agents faced difficulties with meeting submission deadline for complete datasets in September 2018, AxiomSL said. These issues included data granularity, reporting frequency and multi-jurisdictional requirements.
The RegTech company is helping Banque Palatine to combat these challenges and complete it quickly.
AxiomSL offers businesses with a dashboard to process and manage large quantities of data necessary for compliance with regulations. It helps meet AnaCredit requirements by delivering a single solution for multiple client data structures.
AxiomSL CEO Ed Royan said “AxiomSL’s regulatory platform has proven to be highly successful in meeting the complex AnaCredit requirements for a wide range of clients across the eurozone. Our strategic offering simplifies the reporting process with automation, data governance and end-to-end data management capabilities.
“We manage the entire process for our clients – from data sourcing to submission to the relevant jurisdictions – through a single platform. This significantly lowers the cost of compliance for our clients, ensures quick time to market and enhances operational efficiency.”
Last year, Santander’s digital bank Openbank chose AxiomSL to support its own global regulatory reporting processes. It chose the RegTech for help with Central Bank, Capital, Liquidity, Trade and Transaction and AnaCredit reporting.
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