Portuguese state-owned banking corporation Caixa Geral de Depositos (CGD) has selected Wolters Kluwer Finance, Risk and Regulatory Reporting’s (FRR’s) OneSumX software for its regulatory reporting obligations.
The solution will allow CGD to comply with the capital requirements regulation and central registration depository directives.
OneSumX channels data from banks into a single source, allowing for improvements in accuracy, consistency and reconciliation. Included in the service is Wolters Kluwer’s regulatory update service, which provides updates on regulations across 30 countries.
Hugo Verissimo Oliveira, chief data officer at CGD, says: “Wolters Kluwer provides the know-how and proven expertise to ensure a successful implementation. During the project, new processes will enable data flow automation, enabling the bank to integrate a common reporting framework, capital requirements, and financial reporting, including the deployment of data integration.”
Kris Van Bavel, managing director of Wolters Kluwer FRR for EMEA, comments: “FRR’s Portuguese team continue[s] to attract a wide range of clients in the country and throughout the region, and looks forward to working with CGD’s team on the implementation of OneSumX.”
