BearingPoint, an independent management and technology consultancy, has found another client in Volkswagen Bank Gmbh, the automobile bank subsidiary of Volkswagen.
The deal will see Volkswagen Bank GmbH switch from an inhouse-developed regulatory reporting solution to BearingPoint’s Abacus360 Banking Regulatory solution to enable the bank to meet its compliance requirements. These requirements are part of the European Central Bank supervising the bank. Moreover, BearingPoint will also handle the Volkswagen Bank GmbH’s technical tasks and processes.
Volkswagen Bank GmbH will also outsource the supply chain to BearingPoint. The implementation will be carried out by a joint team of experts from Volkswagen Bank GmbH and BearingPoint.
Commenting on the deal, Jürgen Lux, CEO RegTech at BearingPoint, said, “We are delighted that Volkswagen Bank GmbH, another SSM Bank, has placed its trust in our full-service offering consisting of software and managed services. With managed services, we offer a comprehensive, modular and individually configurable range of services to support our customers in the increasing complexity of reporting not only with our software but also with the reporting process.”
Volkswagen Bank Gmbh is not the first bank BearingPoint has partnered up with. In May 2018, BearingPoint became Citadele Bank Lithuania’s choice to supply AnaCredit reporting. It would also use the Abacus360 Banking solution.
More recently, BearingPoint’s RegTech unit teamed up with IBM to launch a new business process outsourcing service. This deal with the tech titan saw business be able to outsource their regulatory reporting processes to Bearingpoint.
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