BearingPoint’s RegTech platform Abacus has been chosen by Citadele Bank Lithuania to meet reporting requirements.
The bank has selected Abacus360 Banking to meet the European Central Bank’s (ECB) growing requirements on AnaCredit (analytical credit datasets) reporting according to BearingPoint.
AnaCredit has around 100 data attributes to report and local Lithuanian attributes are currently being developed and integrated by BearingPoint to meet local AnaCredit requirements.
Citadele Bank, with offices and customer service centers in all of Lithuania’s major cities, has previously used a local provider solution for regulatory reporting. However, with regulation continuing to expand in several areas they opted for BearingPoint’s solution.
“For the complex European AnaCredit reporting, calling for the gradual establishment of the harmonised collection of granular credit and credit risk data, we were looking for a new vendor and screened the market for providers”, explained Justė Karaliūtė, head of regulatory reporting from Citadele Bank Lithuania.
“Abacus doesn’t just meet the needs of our bank’s organisation today, it pushes further to anticipate future trends in regulation by integrating comprehensive functionality for reporting, risk calculations and controlling regulatory KPIs onto one single, scalable platform that can be tailored according to our local attributes,” she added.
The project implementation is a joint project between BearingPoint and local company Alna Software.
Headquartered in Amsterdam, BearingPoint provides regulatory, risk and tax reporting technology solutions for the financial services industry. The company boasts over 6,000 companies worldwide, including major international banks, the majority of Europe’s largest banks, leading insurance companies, and central banks and regulators.
The past few years have brought the industry many new prudential rules and revisions to outdated standards, such as AnaCredit, the revision of RWA (risk weighted assets), BCBS 239 or IFRS 9. Basel IV, the revisions to CRD IV / CRR, as well as the amendments to BRRD and SRMR are also bringing significant changes in supervisory law.
Its solutions also include Abacus360 Banking, an integrated platform for 360° reporting, risk calculation and controlling regulatory KPIs, ABACUS/Solvency II, which supports insurance companies in preparation of Solvency II (Pillar 3), and ABACUS/DaVinci, a strategic risk aggregation and regulatory reporting platform, among others.
BearingPoint also offers Abacus 360 Regulator, which enables the collection, analysis, and dissemination of supervisory and statistical data for central banks and supervisory authorities.
Earlier this year, the company announced that a host of its clients have been successfully delivering their MiFID II/MiFIR reports with the ABACUS/Transactions solution. BNG Bank, PASS Banking Solutions, Landesbank Baden-Wuerttemberg and others, have all used BearingPoint’s Abacus solution to submit their daily reports since the launch of MiFID II/MiFIR reporting on January 3, 2018.
Raiffeisen Bank International also recently selected BearingPoint’s software solution to meet the MiFID II/MIFIR, EMIR II, MMSR and SFTR reporting requirements. The Austrian bank said it has decided to use the company’s ABACUS/Transactions to fulfil several transaction-based reporting requirements.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
