Atom Bank, the UK bank designed for digital solutions, has chosen Wolters Kluwer Financial Services to manage its regulatory reporting requirements.
The bank will use the OneSumX Regulatory Reporting solution to manage UK and European Banking Authority reporting requirements, a selection based on Wolters Kluwer’s comprehensive solution, expertise in the subject matter and localised services and support.
Atom Bank was granted its license by the Bank of England in June, and is now planning the launch of various products and services later in the year. There include personal and business banking products that will be delivered using the mobile app.
OneSumX Regulatory Reporting is part of the OneSumX Compliance suite. It is designed to help with consistency, reconciliation and accuracy by using a single source of data. It can help firms to address statutory, prudential, transactional and statistical requirements both on a local and global scale
Dave McCarthy, chief financial officer of Atom, said: “Championing customer experience with a low-cost model, transparent pricing and digital innovation is what we are all about at Atom. And, like all banks, we need to ensure we have robust systems in place that can demonstrate our commitment to upholding the highest standards.”
Clive Pedder, managing director for Europe, the Middle East and Africa at Wolters Kluwer Financial Services, added: “In today’s environment, financial institutions are constantly adapting and developing. The rise of so called challenger banks is a particularly interesting trend in the U.K. market.”
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