Belgium-based bpost bank has picked Wolters Kluwer to provide AnaCredit and regulatory reporting software.
The bank said it has selected the RegTech’s Finance, Risk & Reporting business to provide its regulatory reporting and AnaCredit software. Wolters Kluwer’s OneSumX Regulatory Reporting uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s Regulatory Update Service.
Its integrated, scalable OneSumX AnaCredit solution uses grid and in-memory computing to handle the large data volumes required by the extensive regulation. The company claims this enables faster processing time and a more flexible operational environment for end users. In-memory processing preserves data lineage at each functional stage enabling more transparent reporting and full confidence in the reporting process leading to lower risk of mis-reporting.
“AnaCredit introduces a step-change in the amount of data that banks are required to report on and on such a frequent basis – daily in some cases,” noted Pierre-Aymar de Potter, Chief Financial Officer at bpost bank. “As a result we required an expert in the field to ensure we are comprehensively managing our AnaCredit and wider reporting obligations. Wolters Kluwer was the natural choice.”
Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, stay competitive and produce better business outcomes.
GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
Earlier this week, Wolters Kluwer partnered with Numerated, a FinTech company providing real-time lending and growth automated. The partnership combines Numerated’s automated, credit decisioning capabilities with Wolters Kluwer library of over 20,000 regulatory compliance lending documents. Its library includes E-Forms, which enable lenders to streamline their documentation processes to help ensure compliance with all regulatory requirements.
Bendigo and Adelaide Bank also recently expanded their regulatory reporting solutions in Australia by partnering with Wolters Kluwer. The Australian bank will implement Wolters Kluwer’s OneSumX Regulatory Reporting which uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s Regulatory Update Service.
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