10/09/2018 | Press release | Distributed by Public on 10/09/2018 13:01
Belgium-based bpost bank has chosen Wolters Kluwer's Finance, Risk & Reporting business to provide its regulatory reporting and AnaCredit software for its operations in the country.
OneSumX Regulatory Reporting uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm's Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in approximately 30 countries.
AnaCredit is the European Central Bank project to set up a dataset containing detailed information on individual bank loans in the euro area, harmonized across all Member States. Wolters Kluwer's integrated, scalable OneSumX AnaCredit solution uses grid and in-memory computing to handle the large data volumes required by the extensive regulation. 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.'
'Wolters Kluwer is delighted to have been chosen by bpost bank to provide its AnaCredit and regulatory reporting software,' commented Kris Van Bavel, Managing Director, EMEA, for Wolters Kluwer's Finance, Risk & Reporting business. 'We continue to add clients across Benelux and the rest of Europe and expect this trend to continue particularly due to AnaCredit.'
Wolters Kluwer's Finance, Risk & Reporting business is a global market leader in the provision of integrated regulatory compliance and reporting solutions, supporting regulated financial institutions in meeting their obligations to external regulators and their own boards of directors. It receives frequent independent recognition of its excellence and innovation. Notably, in July 2018, Risk magazine awarded Wolters Kluwer its coveted Regulatory Reporting System of The Year Award and Central Banking magazine recently named OneSumX for Regulatory Reporting as Best Technology Solution For Regulatory Compliance. Chartis Research, meanwhile, has also named the firm a Category Leader in both its IFRS 9 Technology Solutions Report and CECL Report.
About Wolters Kluwer Governance, Risk & Compliance
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.
Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2017 annual revenues of €4.4 billion. 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.
About bpost bank
bpost bank was established in 1995 under the company 'Bank van De Post/Banque de La Poste'. It is an independent Belgian bank based on a unique partnership model. It is owned in equal parts (50-50) by bpost and BNP Paribas Fortis, and is managed by an independent executive board. bpost bank offers banking services to over 600,000 active customers in the Belgian retail banking market. In a financial world which is continually becoming more complex and unpredictable, we think our products and services should be simple, safe and accessible for everyone. That's why bpost bank continually strives to be an ever simpler and safer bank for everyone.