The French branch of State Bank of India has signed up to the Wolters Kluwer Financial Services OneSumX Regulatory Reporting service to help ensure its regulatory compliance in France.
The solution uses a single source of data, allowing firms to reconcile reporting requirements consistently and accurately. This can help firms to align their finance and risk reports both for submitting to regulators, and for internal use.
It also offers up-to-date information on regulatory requirements, and and on new regulatory developments.
State Bank India already uses Wolters Kluwer Financial Services for its reporting requirements in Belgium, South Africa and Singapore, and will now use the service for reporting to the likes of French Prudential Supervisory Authority (ACPR) and the European Banking Authority (EBA).
Subodh Kumar, CEO of State Bank India in Paris, said: “Following the selection process in France it was apparent that OneSumX would be an excellent choice as an automated solution that can interface with our core banking platform, producing reports for the ACPR and EBA.”
“Likewise, the bank will benefit from the audit trail functionalities offered through OneSumX.”
